Pension Deficits Rise £26B As Zero Interest Rate Fears Mount
Law360, London (October 14, 2020, 3:35 PM BST) -- The U.K.'s pension deficit increased by £25.6 billion ($33.4 billion) last month, according to the retirement savings lifeboat fund, with analysts warning the number could grow further as the country's central bank eyes negative interest rates.
The Pension Protection Fund said Tuesday that in September, the aggregate deficit of 5,422 defined benefit schemes increased from £140.5 billion to £166.1 billion at the end of the month.
The lifeboat fund, which protects savers if employers sponsoring a workplace pension scheme become insolvent, said the movements were caused by a decrease in bond yields, which had driven up the value of liabilities....
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