TOTAL private sector pension fund deficits have eased to around £450bn from a record £500bn in August amid the recovery in markets from the slump that followed the Brexit vote in June, JLT Employee Benefits has calculated. But experts at the firm found total deficits on schemes which make payments based on members’ final salaries were up around 50 per cent on 30 November compared with the same date last year. Director Charles Cowling said there appears to be no relief in sight for companies with large defined benefit pension schemes. He added: “Any current calm in markets may just be a temporary ‘eye-of-the-storm’ respite before the Brexit negotiations start in earnest.” Fothcoming ballots in European countries could stoke market volatility.
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