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This update provides the latest estimated funding position, 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
• The aggregate surplus of the 5,131 schemes in the PPF 7800 Index is estimated to have increased over the month to £381.4 billion at the end of February 2023, from a surplus of £374.4 billion at the end of January 2023.
• The funding ratio increased from 134.8 per cent at the end of January 2023 to 137.0 per cent. • Total assets were £1,413.2 billion and total liabilities were £1,031.8 billion. • There were 672 schemes in deficit and 4,459 schemes in surplus. • The deficit of the schemes in deficit at the end of February 2023 was £4.2 billion, down from £5.0 billion at the end of January 2023. Lisa McCrory, PPF Chief Finance Officer and Chief Actuary said: “Markets are anticipating a higher than expected peak in central bank rates in developed markets, including the UK. This has resulted in higher government bond yields, causing scheme liabilities to fall in value, whilst growth assets like equities were relatively resilient. Although UK government bond yields reached levels last seen in the market disruption last October, there are no signs of a repeat given the action taken since then by pension schemes to increase liquidity buffers, which appears to be proving effective.”
View the March update and see the supporting data on the 7800 Index for 28 February 2023 here: The PPF 7800 index | Pension Protection Fund |
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