UK pension funds lose £68m an hour
UK pension funds have lost £98bn in just two months, equivalent to £68m an hour, writes Eddie Barnes.
Already 97bn in the red in October, the Centre for Economics and Business Research (CEBR) says that the total deficit of Britain's defined benefit pension funds has now risen to 195bn. The figure is blamed on the crash in stock markets late last year.
The CEBR warns that a "doomsday machine" has now swung into action, which could "bankrupt the corporate sector".
All pension fund holders are now protected by the Pension Protection Fund.
Joanne Segars, chief executive of the National Association of Pension Funds, said: "We need to remember that pension schemes are long-term investors. It's essential we remember that the ability of pension schemes to pay out pensions hasn't been affected."
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