Pensions gloom for Britain
BRITAIN is the only country in the Western world to have seen an increase in the deficits faced by its biggest pension funds.
Sharp increases in share prices have improved the outlook for pension funds in every major developed nation apart from here, according to the Organisation for Economic Co-operation and Development.
The grim news coincides with figures showing that deficits in Britain’s largest private schemes have soared by £15billion to £77billion.
Gains achieved by market increases in September have almost been wiped out.
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Most pensions pay benefits linked to inflation, so a higher rate of inflation means increased costs for schemes, putting pres- sure on their finances.