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The Actuary The magazine of the Institute & Faculty of Actuaries

Market slumps wipes five years off pension pot

It will add to Britain's existing pensions black hole, caused by one in three not putting anything aside for old age while living longer than ever.

Fuelled by debt problems in the US and eurozone countries, the world's major stick markets have lost around 10% of their value, with the FTSE 100 Index of leading British companies experiencing a 12% fall. This equates to five years' worth of pension payments, according to PricewaterhouseCoopers.

The accountants warned that some people may even get less than they had five years ago, once management charges by some pension schemes had been added.

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