Warning over pensions 'black hole'
Updated on 05 August 2008
The UK's largest pension schemes have plunged deep into the red as a result of the credit crunch and market volatility, a report has indicated.
Retirement plan funding for FTSE 100 companies showed a deficit of £41 billion in mid July compared to a £12 billion surplus a year earlier, according to figures from consultancy firm Lane Clark & Peacock (LCP).
Leading pension experts said the re-emergence of a sizeable black hole marked a nail in the coffin for generous schemes and predicted the end of final salary pensions in the private sector.
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