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 5,215 schemes in the PPF 7800 Index is estimated to have increased over the month to £267.9 billion at the end of June 2022, from a surplus of £261.6 billion at the end of May 2022.
• The funding ratio increased from 118.9 per cent at the end of May 2022 to 120.1 per cent.
• Total assets were £1,598.7 billion and total liabilities were £1,330.8 billion.
• There were 1,398 schemes in deficit and 3,817 schemes in surplus.
• The deficit of the schemes in deficit at the end of June 2022 was £25.3 billion, down from £28.2 billion at the end of May 2022.
Lisa McCrory, PPF Chief Finance Officer and Chief Actuary said: “Rising bond yields offset by decreases in equities saw the funding position for the 5,215 schemes under our protection marginally improve last month. We saw the aggregate surplus increase by £6.3bn to £267.9bn, and the aggregate deficit for the 1,398 schemes in deficit decrease to £25.3bn. While this ongoing trend in improved scheme funding is positive, we’re mindful that the improvement largely the impact of the current market environment. Trustees should continue to monitor market movements to understand how they can take advantage and mitigate future risks on scheme funding.”
View the May update and see the supporting data on the 7800 Index for 30 April 2022 here: The PPF 7800 index | Pension Protection Fund
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