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PPF reveals rise in scheme shortfalls to £80.1bn

The Pension Protection Fund estimates pension schemes faced a total £80.1bn shortfall at the end of July, up from a £63.1bn shortfall the previous month.

It is also more than double the £34bn deficit reported over the same period in 2007.

In July the number of schemes in deficit stood at 5,857, up from 5,499 in June, representing 76 per cent of total defined benefit schemes.

The PPF says the shortfall is a result of the falling UK and global equities, which reduced assets by 7.4 per cent, and lower gilt yields, which led to a 2.6 per cent rise in liabilities.

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