Final salary pensions deficit soars

Private-sector final salary pension schemes are facing a record deficit of £222.1 billion, figures from the Pension Protection Fund (PPF) have shown.

The total deficit of 6,533 schemes is estimated to have increased by around £64 billion since the end of October to reach the new figure at the end of November. The position has worsened on the previous year when a total deficit of £1 billion was recorded at the end of November 2010, the report said.