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This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF). |
A scheme’s s179 liabilities represent, broadly speaking, the premium that would have to be paid to an insurance company to take on the payment of PPF levels of compensation. This compensation may be lower than full scheme benefits. Highlights
Shalin Bhagwan, PPF Chief Actuary, said: “Market volatility ratcheted up during April thanks to a string of announcements from the US regarding tariffs and broader trade policy. This increased uncertainty drove a flight-to-safety in global markets with bonds performing better than risky assets like equities. In the UK, ten-year fixed-interest yields were down by some 24 basis points across the month, while fifteen-year fixed-interest yields fell by 15 basis points. “This contributed to an increase in liabilities and meant that the aggregate surplus fell for a third month in a row – down an estimated £13.0bn, from £215.5bn to £202.5bn. Meanwhile, the funding ratio fell by 1.9 percentage points to 122.8%.”
View the May update and see the supporting data on the 7800 Index for 30 April 2025 here: The PPF 7800 index | Pension Protection Fund. |
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