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The collective deficit of private sector final-salary pension schemes hit a new record of £222bn in November. The Pension Protection Fund (PPF), which compiled the figures, said the deficit had risen by £64bn from the end of September. It said that although the value of scheme assets had risen, this had been outstripped by the sharply rising cost of paying for pensions. A year ago the collective deficit stood at just £1bn.  “Over the month, scheme assets rose by 0.7% and over the year there was an increase of 5.9%,” said the PPF. “Total scheme liabilities [the value of the… continue reading