Pension piggy banks run dry



Shortfalls in pension schemes may cause serious credit problems for some companies, according to German bank Dresdner Kleinwort Wasserstein.

In mid-September Dresdner published a report entitled ‘Focus on pension liabilities shortfalls’ in which Rik Fennema, the bank’s industrials analyst, highlighted eight companies from a sample of 47 with pension funding shortfalls of more than one times the company’s annual earnings, which according to the bank is the most meaningful measure of lia

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