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UK corporate pension deficits increased by £50 billion to £629 billion in July according to Xafinity’s corporate pension deficits tracker.
The increase is largely due to the fact that the equity market bounce back in July has not been enough to counter the falling bond yields during July. As a result, scheme asset values have increased by £42 billion, but this has been outweighed by growing liabilities on corporate balance sheets, an increase of £92 billion.
The deficits picture has also not been helped by the steady upward ticking in the outlook for inflation over the last few months.
Hugh Creasy, Director at Xafinity Corporate Solutions, said: “The main focus for pension scheme finances needs to be control over investment risk. Sponsor contributions cannot be expected to make a material impact on balance sheets, at least not in the short to medium term; the state of equity markets is more significant, but again is not the main driver. Managing the financial risks of the changing outlook for interest rates and inflation is the greatest control sponsors can have over the size of the deficit on their balance sheet. The use of leveraged bond funds has allowed sponsors to achieve this control and is now well-established in the marketplace. Even inflation risk – for so long the elephant in the room – is now finally being recognised and consciously addressed. Controlling these investment risks does not mean the end of the deficit, but it can mean the end of the increases in the deficit.”
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