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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.
Shalin Bhagwan, PPF Chief Actuary, said: “This month’s 7800 index release shows the impact of rising bond yields on estimated pension scheme asset and liability values, both of which decreased by 4 per cent through December, owing to stickier inflation and a signal from the US Federal Reserve that they will be slower to cut rates in 2025, as well as equities falling slightly over the same period. These movements have led to a £9.3 billion decrease in the estimated aggregate surplus, albeit with the funding ratio holding steady at 125.7 per cent, while the deficit of schemes in deficit (as measured on a s179 basis) grew slightly, to £25.6 billion. As schemes mature or reach their end game, their prudent approach to interest rate and inflation hedging may mean they are increasingly overhedged on a s179 basis.”
View the January update and see the supporting data on the 7800 Index for 31 December 2024 here: The PPF 7800 index | Pension Protection Fund. |
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