UK pension funds still exposed to volatility

A huge reduction in pension liabilities in the UK's top 100 companies last year is being jeopardised because fund managers have failed to rein in exposure to market volatility, say UK dealers.

Unfunded obligations under UK accounting rule FRS 17 stood at £39.9 billion at the end of last year, according to a report released last month by consultancy firm Watson Wyatt. That reduces by a third the levels reported at the outset of 2006, when deficits stood at a record high of £60.4 billion, and is

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