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JLT Pension Capital updates pension scheme deficits index

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JLT Pension Capital has updated its monthly index showing the funding position of all UK private sector defined benefit (DB) pension schemes under the standard accounting measure (IAS19/FRS17) used in company reports and accounts.    

As at 30 November 2012, PCS estimates the total DB pension scheme funding deficits are follows:

FTSE 100 Companies – GBP47bn, funding level 91 per cent
FTSE 350 Companies – GBP53bn, funding level 91 per cent
All UK Private Sector Pension Schemes – GBP110bn, funding level 91 per cent
 
For comparison, the corresponding figures as at 30 November 2011 are as follows:

FTSE 100 Companies – GBP47bn, funding level 90 per cent
FTSE 350 Companies – GBP57bn, funding level 90 per cent
All UK Private Sector Pension Schemes – GBP93bn, funding level 91 per cent
 
Charles Cowling, managing director of JLT Pension Capital Strategies, says: “The DWP’s paper on "Reinvigorating workplace pensions" includes a number of interesting ideas particularly around improving outcomes in DC schemes, all of which we welcome. However, in the current economic environment we do not see many employers wanting to increase their pension risks. The reality is simply that there is very little appetite from employers for risk sharing in DB schemes. As such, we believe, and we expect, the rapid decline of DB schemes in the UK to continue. Nevertheless as the above figures show, there is still a huge legacy of DB liabilities across UK plc which is going to require very careful management for many years to come.”

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