Pensions - Articles - The PPF publish the PPF 7800 Index update for January 2023


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 decreased over the month to £374.4 billion at the end of January 2023, from a surplus of £376.7 billion at the end of December 2022.
 • The funding ratio decreased from 136.5 per cent at the end of December 2022 to 134.8 per cent.
 • Total assets were £1,450.6 billion and total liabilities were £1,076.2 billion.
 • There were 706 schemes in deficit and 4,425 schemes in surplus.
 • The deficit of the schemes in deficit at the end of January 2023 was £5.0 billion, up from £4.5 billion at the end of December 2022.

 Lisa McCrory, PPF Chief Finance Officer and Chief Actuary said: “We’ve seen the aggregate assets and liabilities of schemes in the PPF 7800 Index rise in January, as yields on government bonds fell. This was in part due to falling energy prices, which has led to markets anticipating that global central banks are getting close to the end of their tightening cycle and slowing the pace of rate rises – an expectation that was realised at central bank policy meetings in the first week of February.”

 View the January update and see the supporting data on the 7800 Index for 31 January 2023 here: The PPF 7800 index | Pension Protection Fund
  

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