Member Info for lorian121

THE PENSION deficits at Britain’s final salary schemes ballooned to a record £312bn last month as funds were hit by market swings and the effects of the Bank of England’s money printing scheme.

The cumulative deficit of the 6,432 defined benefit schemes jumped £95bn in May and increased by nearly 13 times from the £24.5bn level of a year earlier, said the Pension Protection Fund report.

“This is a big leap further into the red for private sector final salary pension funds and it reflects the immense pressure they are under,” said National Association of Pension Funds chief executive Joanne Segars.

In total the schemes have only 77 per cent of the assets currently needed to pay their pensioners.

The report showed 5,503 of the schemes are in deficit.

The Bank’s £325bn quantitative easing programme could cost Britain’s pension industry £270bn by driving down yields on gilts – a staple investment also used to calculate liabilities – making it more expensive to pay for future obligations, the NAPF estimates.

Over the last month 15-year gilt yields have fallen by 0.55 percentage points, which resulted in an increase in liabilities of 7.6 per cent, the PPF estimates.

.

(Reuters) - Britain's renewable energy market is expected to turn over 24 billion pounds by 2020, more than double what British green energy companies made in 2010/11, a study by consultancy Innovas Solutions said on Tuesday.

http://uk.reuters.com/article/2012/04/24/uk-britain-renewables-report-idUKBRE83N0DF20120424

I think Bernie's next out of the stalls

Boring Bernie : 20th April ( Friday )

John Lowry, If a business has been in trouble for n years, it will take n years to get it out of trouble. There’s no such thing as an instant turnaround’

JL longest period as chairmanship/restructuring officer for any company has been 2 years 6 months, One question I have is, "is JL soley working as chairman for AEA Tech?". It appears from my limited research that JL still appears to to be acting chairman for Norbain Group Ltd (was appointed may 2010 and still appears to be acting chairman according to his CV)