Bank of England to fill pension hole
After recording a £299m deficit last year, the Bank of England (BoE) is to pay £370m into its pension fund over the next decade.
“The BoE has had a poor time with its pension pot in recent years,” said City analyst Colin Perry. “Poor investment returns and greatly increased longevity have been major causes of the ‘black hole’, which is embarrassing for such an institution.
“Most people are aware that many pension schemes across the private sector are in dire trouble, but for the BoE to admit to such a deficit does not inspire much confidence. This situation has to be remedied.”