Pensions Group Says Liabilities Could Fall £90B Amid Virus

Law360, London (July 22, 2020, 5:13 PM BST) -- Pensions liabilities could fall by £90 billion ($115 billion) as a result of the long-term impact of COVID-19 on life expectancy, although the hit could vary between schemes, a retirement consultancy said Wednesday.

XPS Pensions said the liabilities for defined benefits schemes could fall by 5% because of increased mortality rates in the worst outcome — a global depression and the failure to develop a vaccine. In that scenario, pension plans would experience a rise in funding from members living on average a year less, because of increased mortality from the virus.

But the company said that retirement schemes would see an...

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