US pensions in deficit
The decline in global financial markets has resulted in a major deterioration in the funded status of the pension plans backed by the largest companies in the US.
According to new data released by Mercer this month, pension plans sponsored by the largest US companies have seen a decline in funded status from 104 per cent at the end of 2007 to just 75 per cent as at December 31, last year.
Mercer said this equated to losses of an estimated $469 billion over 2008, causing an aggregate surplus of $60 billion at the end of 2007 to be replaced by a deficit of $409 billion at the end of 2008.
AUTHOR
Mike Taylor
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
