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Pension schemes in the red again

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Final salary pension schemes registered a deficit last month after moving briefly into surplus in the previous month.

According to the Pension Protection Fund (PPF), the UK’s 7,400 final salary pension schemes were collectively £2.2 billion in deficit at the end of April.

This compared with a surplus of £0.3 billion in March.

The current total deficit, however, is modest when contrasted with the £188 billion deficit recorded a year ago.

A dip in share prices during April meant that the value of assets was no longer outperforming the actual costs of paying for pensions.