UK Pension Effected after Brexit
After the UK decision to leave EU, it also effects the UK Pension Funding. Clearly this election has impact the market and all funding positions of UK Financial Scheme which also includes funding positions of DB pension schemes and the long term impact remain to be seen.
Hymans Robertson has revealed that UK defined benefit pensions deficits hitting record highs seen back in February this year, increased by £80bn overnight to £900bn.
Jon Hatchett, head of corporate consulting at Hymans Robertson, said:
“Pension funds have been limited in their ability to protect themselves fully from the uncertain outcome of the EU referendum.”
Right now Brexit is the latest challenge for Europe’s pension funds, which have already seen deficits rise on the back of the financial crisis and low interest rates.