Millions wiped off pensions as FTSE 100 loses £27BILLION in shock global plunge
MILLIONS of pounds could be wiped off pension schemes as the FTSE 100 this week lost £27billion on the sixth consecutive day of losses for the index, its longest losing streak since November.
By REBECCA PERRING
Express.co.uk
Tue, Feb 6, 2018
More than £27 billion was wiped off the value of London’s top-flight index as a sell-off ripped through global markets on Tuesday, culminating with a huge slump in the Dow Jones.
This morning, the FTSE opened at 7,081.03, down 253.95 points or 3.5 percent in what is expected to be another harrowing day for global markets.
The slump in the value of shares is set to hit pension savers in the pocket.
Neil Wilson, analyst at ETX Capital in London: “Equity nervousness seems to be about repricing for higher yields and tighter Fed policy and the fear that the bond market has broken out of its three-decade bull market.”
It comes after the index this week lost 1.4 percent as it fell to its lowest level in around two months.
After hitting its record high in early January, the FTSE 100 has now lost 7 percent of its value so far this year.
Scottish Mort are the biggest fallers on the day so far, with a loss of lost 6.17 per cent.
Pensions from a contribution scheme, where money is put into stocks and other investments like company and government bonds, are at a much greater risk from financial turbulence.
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