Pension deficit dips below record, says PPF

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Image caption The collective deficit of these schemes was at a record high at the end of December

The collective deficit of the UK's private sector final-salary pension schemes has shrunk slightly from a record high.

The deficit stood at £265bn at the end of January, compared with a revised deficit of £271bn a month earlier.

A year earlier, the schemes recorded a surplus of £38bn, the figures from the Pension Protection Fund (PPF) show.

The monthly figures are volatile, but have been affected by the long-term costs of pensions.

There were 5,388 schemes in deficit at the end of January, and 1,044 in surplus, the PPF said.

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