According to pension consultancy firm Xafinity, defined benefit (DB) pension deficits have dropped by £16 billion from the same time in 2010, Citywire reports. The Xafinity Corporate U.K. Pension Scheme model has disclosed a deficit of £374 billion in July 2011, compared with £402 billion last year.
The model is based on 99% of DB schemes covered by the Pension Protection Fund. A rise in liabilities from £1.36 billion to £1.4 billion has also been seen during the period. The DB deficits stood at £365 billion in June 2011.
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