Pension Deficits Increase £120B Since Last Year

Law360, London (July 15, 2020, 2:12 PM BST) -- British employers saw the hole in their pension programs widen by £120 billion ($151.6 billion) over the last 12 months as the economic fallout of the COVID-19 pandemic rocked markets.

The Pension Protection Fund, the U.K. government-backed fund designed to protect savers if their pension scheme goes under, said Tuesday that the deficit across Britain's defined benefit pensions plans has risen from £168 billion in June 2019 to £288 billion in June 2020, an increase of £120 billion.

The figures, presented in the fund's report, known as the 7800 Index, also showed that the hole has closed slightly since May, showing...

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