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‘Conspiracy of silence’ over soaring DB deficit

The Pension Protection Fund says the deficit in defined-benefit pension schemes rose from £205bn in February to £242bn in March.

The PPF index calculates the total assets less liabilities of around 7,400 DB funds. In March, the total surpluses of schemes in surplus fell to £11bn from £13bn in February and from £59bn in March 2008.

Hargreaves Lansdown head of pension research Tom McPhail says there is a conspiracy of silence on the issue. He says: “There are grounds for disquiet for employers, members, trustees, bondholders and shareholders. In a lot of cases, everyone would prefer not to have to confront this issue. It is a lot more palatable if you build in a 20-year recovery period assumption. Longer recovery period assumptions are inevitable, although this will be wishful thinking in some cases. It will be a summer of bad news on pension liabilities.”

Punter Southall principal David Cule says: “The Government may give direct or indirect support to pension schemes or the PPF to help keep schemes providing benefits.”


Advisers are warned to reassess wrap portfolios

Thomas and Thomas managing director Darren Lloyd Thomas is warning other advisers against setting up clients on wraps and then failing to rebalance portfolios on a regular basis.

Poland requests IMF credit line

Poland has requested a $20.5 billion (£13.7 billion) credit line from the International Monetary Fund (IMF), according to a statement from the fund.It is the second country after Mexico to apply for a precautionary arrangement under the IMF’s Flexible Credit Line (FCL) facility, launched in March to help combat the global economic crisis.Dominique Strauss-Kahn, the […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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