There's a hole in my pension...UK

[Uncle]

Uncle - It would appear that this number 44 keeps on popin' up

There's a hole in my pension...

http://www.thisismoney.com/20030528/pn63495_s.html

Matt Kovac, Daily Mail, 28 May 2003

BRITAIN'S biggest private company pension funds have plummeted into the red, leaving a gaping black hole of at least £44bn under a new accounting standard, Money Mail can reveal.

We have carried out exhaustive research into the 100 biggest private sector final salary* pension schemes, which link pensions to the number of years worked and wages earned.

Our survey [size=small][Click here to view tables][/size] paints a frightening picture of pension funds, with growing deficits that threaten the retirement hopes of at least sixm members.

Final salary pension schemes have formed the bedrock of retirement savings for the past 50 years, but now massive pension deficits are putting them in jeopardy.

Our research uncovered huge pension deficits in many of the country's top 100 biggest private sector pension schemes which have so far reported using the new FRS 17 accounting standard. This forces them to give a snapshot picture of how the assets of their pension fund weigh against their liabilities.

Out of the 100 schemes surveyed 71 funds, with combined assets of £224bn, have reported this year. They are almost £44bn in the red. Of these 71 funds, only 14 recorded a surplus. Another 15 firms have yet to report so we have used their 2001 figures. It is predicted that the majority which previously had a surplus will be plunged into significant deficits.

The remaining 14 company pensions which make up the biggest 100 in our survey either report as a global group without publishing separate UK pension figures, or simply do not disclose numbers.

Our survey is significant because it covers the 100 biggest private sector pension funds. Most other figures published to date either cover the biggest 100 companies listed on the stock market - many of which.......Rest at the link atop or below

http://www.thisismoney.com/20030528/pn63495_s.html