The scale of the pensions crisis was laid bare yesterday as figures showed the deficit in company schemes had soared above £200billion. A staggering 88 per cent of the country's 7,400 defined-benefit pension schemes face a shortfall amid pressure from falling stocks and people living longer. In June 2007, pension funds were registering a surplus of more than £100billion. A year later this had turned into a deficit of £13billion. But yesterday's figures from industry safety net the Pension Protection Fund showed the shortfall between assets and liabilities in the 7,400 plans rocketed to £200.1billion at the end of June.
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U.S. pension fund sues Moody's, S&P, Fitch
NEW YORK, July 15 (Reuters) - Calpers, the biggest U.S. public pension fund, has sued the three largest U.S. credit rating agencies for giving perfect grades to securities that later suffered huge subprime mortgage losses.
You see!? I TOLD you!
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