By Marcus Leach
Data from the Pension Protection Fund (PPF) shows that the pension deficit for the private sector hit a new record of £222 billion in November.
The PPF said that there had been a £64 billion increase in the deficit between the end of September and November.
It said that although the value of scheme assets had risen, this had been outstripped by the sharply rising cost of paying for pensions.
A year ago the collective deficit stood at just £1 billion.
Highlights include:
- The aggregate deficit of the 6,533 schemes in the PPF 7800 index is estimated to have increased over the month to £222.1 billion at the end of November 2011, from a deficit of £158.6 billion at the end of October.
- The funding ratio fell from 86.3 per cent to 81.9 per cent.
- Total assets were £1007.1 billion and total liabilities were £1229.2 billion.
- There were 5,390 schemes in deficit and 1,143 schemes in surplus.
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