In 24 hours since the announcement that the Bank of England has started printing money, pension schemes deficits jumped by 100 billion Pound to a record of 390 billion Pound and has wiped out hundreds of thousands of final salary schemes. Even those who are still paying into funds could lose every penny invested.
More than 600,o00 people are due to retire within 12 months and could find themselves out of cash. The bomb was droped by experts that indicated that this would be the final nail in the coffin of final salary schemes.
The Chancellor of the Exchequer Alistair Darling – also known as Prime Minister Prudent Gordon Brown – has borrowed so much money for the so called rescue packages that pension funds have suffered the biggest losses in British history.
