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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: “Global government bond yields rose during May with heightened concerns around whether markets can absorb heavy government borrowing over the coming years, driven by the US budget starting to pass through Congress and dislocations in Japanese government bond markets. This caused DB schemes’ asset and liability values to fall. “Meanwhile, equity markets continued to rebound from April’s lows as the US continued to make progress on trade talks, notably with the UK. This partly offset the fall in the value of bond assets, meaning that funding levels of PPF-eligible DB schemes improved, with the estimated aggregate surplus increasing by £18.6bn to reach £221.1bn, and the and the funding ratio rising by 2.8 percentage points, to 125.6 per cent.”
View the June update and see the supporting data on the 7800 Index for 31 May 2025 here: The PPF 7800 index | Pension Protection Fund. |
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