PPF: DB pension schemes back in deficit in April
Figures published by the Pension Protection Fund (PPF) have revealed the UK’s defined benefit pension schemes fell back into deficit at the end of last month.
According to the PPF, the 7,400 pension schemes had a total deficit of £2.2 billion after being in surplus at the end of March.
However, it is a significant improvement on April 2009 when the deficit stood at £188 billion.
Concerns about the deficit may result in a number of people looking at additional options when it comes to planning for their retirement, according to the PPF.
Huge deficits have led blue-chip companies to close their final-salary pension schemes – to existing members as well as new employees.