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Private Sector Pensions Deficit Fell In February

The number of defined-benefit private sector pension schemes in deficit fell again in February, after monthly decreases in January and December 2012, according to the latest figures from the Pension Protection Fund (PPF).

The PPF said that, of the 6,316 in its index, the number of schemes in deficit fell to 4,973. This is down from 5,031 at the end of January 2013 and 5,173 at the end of December last year. Year-on-year, the number of schemes in deficit has fallen by 111 since February 2012.

Over the same 12-month period, the aggregate deficit of all the schemes in deficit fell by £14.1 billion, to £233.1 billion at the end of February 2013.

The PPF provides compensation to members of eligible defined-benefit pension schemes, in the event of their employer becoming insolvent and having insufficient assets in its pension scheme to cover the required levels compensation.

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