RLAM's Cholwill: Our strategy for dealing with companies' pension fund deficits

Royal London Asset Management (RLAM) Equity Income fund manager Martin Cholwill believes there is a danger of investors concentrating too heavily on pension deficits when looking at UK companies - despite the fact deficit figures have spiralled in recent months.

Talking to Investment Week editorial director Lawrence Gosling as part of a new series of video interviews with the group's investment team, Cholwill said: "Clearly, a number of companies have got some big pension liabilities and I think it is particularly the defined benefits liabilities one needs to focus on. "But a lot of these companies have been working with deficits for many years now, and I think the key thing as an investor is to take account of that pension deficit when valuing the company. "For me, pension deficits is something like a debt. It is something you have to consid...