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Companies fail to plug the pensions black hole says Deloitte

Companies have failed to plug the pensions black hole in 2005 which at year-end stood at 75bn according to Deloitte actuaries.

The total deficit has grown from around 65bn at the start of the year despite the fact that market value of pension scheme assets has increased by 15 per cent in 2005.

Deloitte actuaries estimate the stock market would need to rise by a further 30 per cent to eliminate the UKs pension deficits.

Consulting partner David Robbins says: The year 2005 is the year in which the UKs finance directors have finally accepted that pension deficits are company debt. Companies are now starting to use new and innovative ways to manage this debt. With the increasing pressure from the PPF, the regulator, and Lord Turner, we are advising companies that addressing the problem now could save a lot of headaches later.

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