Despite employers pouring in £120billion in special contributions over the past 10 years, scheme deficits are still over £400billion says the Pensions and Lifetime Savings Association.
This news will be desperately worrying for anybody on a defined benefit scheme.
When people enter into such an arrangement they deserve to be given what they were promised when they reach retirement age.
There is no excuse for short-changing pensioners who accepted the terms of the agreement in good faith.
Even for wealthy people, not getting the full benefits they were promised can blow a hole in their retirement planning.
That is an enormous problem for the individual involved but it is also an issue for society at large with greater calls likely to be made on the state if pension payouts drop.
Businesses must make sure they meet their moral obligation to keep pension deficits under control.
Ignore the EU’s demands
Nothing better sums up the arrogant, entitled and undemocratic attitude of Brussels leaders than their approach to British taxpayers’ money.
Before the European Union referendum they were bad enough, wasting our money on stupid schemes, spending fortunes on pay and perks for employees and losing inordinate amounts often through a combination of fraud and poor accounting.
Since the vote to quit the EU they have been even worse with their endless demands for us to settle a Brexit bill (even though they have never given us a proper justification for why we need to pay them a penny in return for the right to leave).
Now they are suggesting we give them an extra £10billion to cover the pensions of retired bureaucrats.
The days when Brussels bigwigs could demand money and we would have no choice but to pay up are coming to an end.
It’s about time they started getting used to it.
Life expectancy rising
The latest figures show centenarians are the fastest growing age group.
We are often lectured about the problems of an ageing population but longer life expectancy also means more people getting to see their grandchildren or even great-grandchildren grow up, spend more time doing the things they love and celebrate some impressive milestones.
That we are living longer, healthier lives is something to celebrate.