Pension Deficit 'Nearly Doubles' For Top UK Companies
Law360, London (January 5, 2021, 1:01 PM GMT) -- The pensions deficit for the U.K.'s largest companies almost doubled in 2020 as the result of a "perfect storm" of pressures, including the pandemic and Brexit, a retirement consultancy has said.
The total deficit for defined benefit schemes sponsored by companies listed on the London FTSE 350 exchange rose from £40 billion ($53.5 billion) in December 2019 to £70 billion last month, Mercer said on Monday. The pensions advice company said the COVID-19 pandemic had had a similar effect on the funding position of retirement schemes as that caused by the 2008 financial crisis.
Charles Cowling, chief actuary at Mercer, said...
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