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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: “Yields in government bonds rose both globally and domestically through March, with the market digesting news that the German parliament agreed to an easing of their debt brake and substantial package of fiscal easing, whilst at home markets reacted to the increased forecast for aggregate gilt sales over the next 5 years following the Chancellor’s Spring Statement. “This saw the estimated liabilities of schemes eligible for the PPF fall by 2.2 per cent in contrast to a larger 3.3 per cent fall in estimated total scheme assets. The result being a modest reduction in the estimated funding ratio, by 1.4 percentage points, to 124.7 per cent, while the estimated aggregated funding position fell by £17.2bn to a £215.5bn surplus.”
View the April update and see the supporting data on the 7800 Index for 31 March 2025 here: The PPF 7800 index | Pension Protection Fund. |
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