Heavyweight of pensions is a drag

Jun 23 2009 by Sue Scott, Evening Gazette

TEES Valley firms are chained to a pensions crisis that is approaching a mind-boggling £180bn deficit in the UK.

And while it’s weighing heavily on company balance sheets, the silver generation faces working long into old age or a retirement spent in poverty.

Industry says a new Pensions Bill will be a further constraint on cash-strapped bosses - but will it deliver an escape route for savers?

JEZ DAVISON reports on Pages 6 and 7.