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.