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U.S. defined benefit pensions were not the only ones suffering in July. According to Mercer’s Pensions Risk Survey, the accounting deficit of defined benefit pension schemes in the United Kingdom over the month of July, with the estimated aggregate IAS 19 deficit for the defined benefit schemes of the FTSE350 companies standing at £75 billion, which is a funding ratio of 87 percent.

This compares to a deficit figure of £70 billion at the end of June for a funding ratio of 88 percent. The deficit was actually £61 billion at the end of December 2011, for a funding ratio of 89 percent.

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