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Wednesday, August 06, 2008

Pensions Black Hole

As the economic downturn continues, and negatively impacts the FTSE, pension schemes are feeling the effects.

Actuarial consultants Lane Clark & Peacockfell, report that pensions went into a £41BN deficit in mid-July, reversing last year's £12BN surplus.

The effective and efficient management of pensions require a very long term view of market ups and downs. Unfortunately, current pension reporting requirements introduced in 2002 do not take a the long term view and encourage short termism of the worst kind.

A major overhaul of pension reporting is required urgently.

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