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Pension deficits at £160bn

The UK’s largest private pension plans have racked up a £160bn shortfall, according to a study. The combined deficit on FTSE350 retirement plans has more than trebled from £49bn last March, the report from consultants Mercer showed. The shortfall is smaller than the £170bn reported in early 2010. Mercer’s Deborah Cooper said:?“Events in the wider economy in the past couple of years have highlighted the need to be prepared for the worst.”