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Interest rate rises wipe almost £550bn off private pension schemes

A rise in borrowing costs has wiped off more than £545bn from the value of defined benefit private sector pensions in nine months.

The market value of private sector defined benefit and hybrid pensions plunged from £1.8 trillion in December 2021 to just under £1.3 trillion at the end of September 2022 – a drop of 30pc, according to the Office for National Statistics.

Joe Ogutu's golden years

Joe Ogutu
Joe Ogutu  Photo/Courtesy


He had a feverish calendar. He had hours that felt that they were constantly melting into each other the moment he swung his legs from the bed. He had people who knocked on his door and sat across his desk with notepads and creased brows.