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Corporate pension plans fly friendlier skies

Last year was a breather for deficit-addled pension plans. Strong equity markets lifted the value of stocks held in their plans, while rising interest rates substantially reduced their deficits. An added bonus for Canadian plans was the positive effect of a declining Canadian dollar on the value of their foreign holdings. Many plans entered this year with the slate wiped clean of deficits that have been a chronic fact of life since the start of the millennium.