PBGC deficit doubles in a year

The US Pension Benefit Guaranty Corporation (PBGC), which provides insurance to private sector defined benefit (DB) schemes, has reported its deficit doubled during 2009 to $22 billion (£13.2 billion) and admitted it currently has no long-term plan to stabilise the scheme.

At the end of the 2009 US fiscal year on September 30, the Washington DC-based pension insurer reported a deficit of $22 billion, up from $11.2 billion at the end of 2008. Despite this, it said the deficit had fallen from a re