Fearsforpensionfunds as stock markets plummet Billions of pounds were today wiped off pension funds and there were fears of increased interest rates as stock markets suffered huge falls.

Billions of pounds were today wiped off pension funds and therewere fears of increased interest rates as stock markets sufferedhuge falls.

The recent stock market turmoil has plunged company pensionschemes pounds21 billion into the red, analysts said.

The sell-off, which has seen more than pounds73 billion wiped offthe value of the FTSE 100 index in the past week, has wiped out thesurplus the UK's major pension funds had built up in recent months.

And there were warnings that banks, facing credit worries in thewake of problems hitting the US housing market, could have to passcosts on to the man in the street.

Some analysts had hope that the FTSE …