Deficits

Top stories online this week include the fallout from'Black Monday', and PP's investment awards.

The ‘Black Monday' stock market crash drove the value of defined benefit (DB) pension scheme deficits up by as much as £30bn in a single day, according to analysis.

The net new issuance of sterling corporate bonds is set to reach a "woeful" £7bn for 2015, according to JP Morgan Asset Management (JPMAM).

The £900bn deficit in UK defined benefit (DB) schemes would require more than a year's salary from every person in the UK to fix, according to Hymans Robertson.

Universities Superannuation Scheme (USS) has seen its funding deficit increase by £2.4bn in its latest triennial valuation as low gilt yields pushed up its liabilities.

Blue chips have halved deficit payments since 2012

Deficits in defined benefit (DB) schemes were pushed up by falling gilt yields in July, according to official figures.

Schemes have been warned against expecting a rate rise this year after just one of the Bank of England's (BoE) Monetary Policy Committee (MPC) members voted for an increase this month.

The accounting deficits of the UK's biggest pension schemes rose by 17% last month, according to research from Mercer.

Over a third of large defined benefit (DB) pension schemes will quote members' transfer values on their retirement statements in light of the pension freedoms, according to research.