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Pension deficit as high as 2003
The deficit in UK company pension schemes are now at the highest level since June 2003, according to the Pension Protection Fund.
The organisation's figures suggest the deficit rose from £81bn to £98bn in February, with a fall in the return on government bonds blamed for the rise.
February was the fourth consecutive month in which the deficit has risen as the economy took a turn for the worse after the global credit crisis.
In 2007 company pension schemes had a combined surplus of £3bn, finally wiping out the deficit caused by a weak economy following the dotcom crash.
But the economic downturn has wiped that out and plunged schemes back into the red.
Post Date: March 11th, 2008