UK pension schemes flatline

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UK pension schemes flatline

LONDON, UK - The recovery in equities in the pensions sector over the past year has been cancelled out by increases in liabilities, according to Watson Wyatt.

The overall FRS 17 deficit for UK pension funds remains largely unchanged from last year, the firm said.

This is despite a bullish performance by the stock market in the past year.

Watson Wyatt, which advises the majority of the UK's big corporate pension schemes, set the deficit at around £60 billion, although UK pension deficits could be as much as double this amount.

"The stock market recovery was clearly welcome but rising liabilities mean it has done little to eat into these accounting deficits," said Robert Hails, a partner at Watson Wyatt.

However, the FRS17 does not affect company contributions, which are normally assessed at three-yearly actuarial valuation.

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