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Pension scheme deficits down 40% in 2010

Pension scheme funding has improved 40 per cent during 2010 as buoyant equity markets allowed companies to tackle huge historical defined benefit deficits, research from Aon Hewitt shows.

The consultant says the accounting shortfall of the 200 largest private final salary pension schemes stands at £52bn today, compared to £87bn on New Year’s Eve, 2009.

Aon Hewitt principal and actuary Marcus Hurd says: “Even though the pension black hole has ballooned over the past two years, it will be a happier New Year for companies preparing their end of year accounts. Many will breathe a small sigh of relief that their pensions deficit has finally started to improve.”

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