UK pensions firms falling into the red

Tue, 21 Aug 2007

The surplus generated by good pensions sales this year could have all come to nought, with the state of the stock market causing havoc in the pension sector. Stock market movement is causing all kinds of problems throughout the financial services industry, and pension companies are faring badly.

According to recent reports, pensions companies fell deeper into debt, following a fall in the FTSE 100 Index of three per cent. The pensions sector currently has arrears of £21 billion, whilst the FTSE itself has had £73 billion wiped from it. The changes will lead to volatility and insecurity in this field.

UK pension holders are being urged not to panic, although they could realistically be affected if the downturn cannot be negated. One expert, equity strategist at Barclay Wealth, Henk Potts, reportedly commented: "It will take time for markets to assess the extent of the losses due to the decline in sub-prime markets."
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