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Deficit of DB schemes deepens to £242bn

The Pensions Protection Fund says the deficit of defined benefit pension schemes has worsened from a deficit of £205bn at end of February to £242bn at end of March.

The PPF index calculates the total assets minus liabilities of around 7,400 DB funds in the UK.

In March 2009, the total surpluses of schemes in surplus fell to £11bn from £13bn at the end of February 2009.

In March 2008, the total surplus of all schemes in surplus stood at £59bn.

Punter Southall principal David Cule says: “Today’s news from the PPF 7800 Index shows that in current conditions UK companies are required to provide at least £240bn of support for UK pension schemes – more if benefits are expected to be provided in full.

“This is significantly greater than the quantitative easing package put together and on a par with the level of support being put together for the UK banking system.”

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