Private sector pension schemes in the UK recorded a huge deficit during 2008, with the global economic strife smashing the value of pension funds .
According to data released by the Office for National Statistics, defined benefit pension schemes showed a deficit of almost 200 billion pounds by December 2008.
Compared to mid-2007, when pension schemes had a surplus of over 130 billion pounds, the situation has clearly become much worse.
The ONS was reported in the news as commenting: "In 2008 falling equity markets and bond yields led to a worsening of the funding position." Some 42 per cent of pension funds are invested in foreign corporate securities.
Huge UK pensions deficit in 2008
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