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DEFICITS
FTSE100 firms unable to plug deficits using cash flow
Global Pensions | 31 Aug 2010
UK - More than a third of FTSE100 firms cannot plug their pension scheme deficits using current discretionary cash flow, KPMG warns.
Strike dates set at AstraZeneca over scheme changes
UK/Global - Employees at AstraZeneca will strike on three dates in September in a row over cuts to its UK pension scheme, GMB says.
PPF 7800 hits £6.6bn surplus in July
UK - The aggregate funding position of the 6,653 schemes in the Pension Protection Fund’s 7800 index improved to a surplus of £6.6bn at the end of July.
OTHER DEFICITS ARTICLES
FTSE100 market values dwarfed by scheme deficits
UK - Ten FTSE100 companies have total disclosed pension liabilities greater than their equity market value, Pension Capital Strategies research shows.
US social security in deficit for first time
US - The recession and an ageing population will force US social security to pay out more than it takes in for the first time ever this year.
FTSE100 deficit repayments hit record £17.5bn
UK - FTSE100 companies dramatically upped pension contributions last year to a record £17.5bn ($27.8bn), data from Lane Clark & Peacock reveals.
New Jersey may forgo 2012 pension payment
US - Governor Chris Christie of New Jersey said the state may not be able to make a required pension payment in the next fiscal year.
BT to fight Ofcom on deficit ruling
UK - British Telecom is to challenge Ofcom’s decision not to take into account its scheme deficit when setting its regulated charges.
Scheme funding deal rejected by UK regulator
UK - The Pensions Regulator has rejected proposals from chilled prepared foods firm Uniq to fund a £436m scheme deficit.
US pension deficits near record high
US - Pension deficits at S&P1500 companies reached $451bn at the end of June according to Mercer, just $1bn short of the previous record high set in January 2009.
States may face pension pressure as new GASB rules widen gaps
US - States may face increased retirement- fund deficits and pressure to stop skipping pension contributions under proposals being reviewed by the Governmental Accounting Standards Board.
Greece passes pension overhaul
GREECE - Greek Prime Minister George Papandreou passed an overhaul of the pension system in a vote that tested the unity of his socialist government and prompted the second national strike in as many weeks.
Three quarters of Irish DB schemes in deficit
Ireland - Three quarters of Ireland’s defined-benefit pension plans were in deficit at the end of 2009, the Pensions Board has said.
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