The latest figures reveal that many FTSE 100 defined benefit schemes have fallen back into deficit.
Back in June, we reported on the surplus being enjoyed by Rolls-Royce and several other defined benefit schemes. In July 2018 the JLT Employee Benefits monthly index showed that there was a combined surplus of £3 billion amongst the FTSE 100 businesses.
However the latest monthly index has revealed that the pension schemes of many FTSE 100 businesses are falling back into deficit with a combined deficit of £3 billion now being reported. This is still a considerable improvement on this time last year, when a combined deficit of £39 billion was recorded.
Already this year House of Fraser entered into talks with the Pension Protection Fund (PPF). More recently, the trustees of the Kodak Pension Plan No 2 have written to members advising them that it is likely that the scheme will move into the PPF.