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Pension shortfalls top 1 trillion
Pension liabilities of the UK’s defined benefit pension schemes have topped the £1 trillion mark for the first time . The shortfall in the 7,400 schemes, including final salary pensions, widened from £18.1bn at the end of July to £173.2bn in August the Pension Protection Fund said. The level has fluctuated in recent months but remains considerably worse than a year earlier. Many employers have closed final-salary schemes because of funding shortages.