U.K. Corporate Pension Deficit at $476 Billion, Telegraph Says
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British companies that provide employees with defined-benefit retirement plans face a pension deficit of 295 billion pounds ($476 billion), the Sunday Telegraph reported, citing research by accounting firm KPMG.
The aggregate deficit is the mark-to-market funding valuation of all defined-benefit pension plans in the U.K. as of Sept. 30, the London-based newspaper reported. BT Group Plc’s pension fund liabilities are about 250 percent of its market value, compared with 195 percent for BAE Systems Plc and 112 percent for Royal Bank of Scotland Plc, according to the Telegraph.