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Research from
Aon Consulting suggests that 75 per cent of pension schemes are
now in deficit, with 31 per cent falling from surplus into deficit
during June alone.
While a considerable number of trustees are staying away from the
impact that the recent economic difficulties have been having on
employers by undertaking annual employer covenant assessments, Aon
believes that this may not be frequent enough scrutiny, and that
it creates a risk to the security of pension schemes.
The Aon200 Index, which monitors the surplus or deficit of the 200
biggest UK privately-sponsored pension final salary schemes, showed
that the aggregate pension scheme deficit worsened by £36bn
last month, now standing at £30bn. The total proportion of
schemes in surplus dropped from 56 per cent to just 25 per cent.
The fall in the Aon200 Index has been driven by falling equity markets,
despite being slightly offset by rising bond yields during the month.
Marcus Hurd, senior consultant and actuary at Aon Consulting said
that for most schemes, this month’s results should not cause
undue concern: “Although it is a significant sum, UK pension
scheme sponsors can absorb a one month loss of £36bn.”
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Pensions Age July 2008
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