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Debt consolidation demand set to grow as pensions black hole expands

Debt consolidation demand set to grow as pensions black hole expands

- Friday, 7 August 2009

Millions of Britons may have to start learning how to live with their debts well into their retirement years as the value UK pension funds continues to fall.

According to Lane Clark & Peacock's latest annual report into the state of company pensions, the situation is looking bleaker than ever.

Among FTSE 100 firms, total pension scheme deficits have doubled from £41 billion in 2008 to around £96 billion now, representing the biggest black hole recorded since the actuary firm started its study.

This black hole will not just affect the likes of BP and Shell, but will be felt by millions of Britons, with many likely to need to seek out debt consolidation advice in order to get their personal finances straight as they retire.

Commenting, one of the report's authors Bob Scott said: "Just a couple of years ago FTSE 100 companies were showing massive surpluses in their pension schemes.

"Now they have fallen to their biggest ever deficits. A lot has happened in the last two years."

This comes soon after the cross-party House of Commons Work and Pensions Committee revealed that as many as 1.1 million UK pensioners now live in poverty, with many likely to be seeking out debt consolidation services.ADNFCR-2300-ID-19302164-ADNFCR
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