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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.
Highlights
• The aggregate surplus of the 5,131 schemes in the PPF 7800 Index is estimated to have decreased over the month to £359.3 billion at the end of March 2023, from a surplus of £381.4 billion at the end of February 2023.
• The funding ratio decreased from 137.0 per cent at the end of February 2023 to 133.2 per cent. • Total assets were £1,439.8 billion and total liabilities were £1,080.5 billion. • There were 776 schemes in deficit and 4,355 schemes in surplus. • The deficit of the schemes in deficit at the end of March 2023 was £5.7 billion, up from £4.2 billion at the end of February 2023. Lisa McCrory, PPF Chief Finance Officer and Chief Actuary said: “The collapse of SVB Bank and the forced merger of CSFB and UBS created a flight-to-quality demand for government bonds and increased markets’ expectations regarding the likelihood of a recession later this year or in 2024 - that pushed government bond yields lower during March, increasing the discounted value of scheme liabilities. Asset values will have risen less quickly as market interest rates fell, meaning that funding ratios decreased overall.”
View the April update and see the supporting data on the 7800 Index for 31 March 2023 here: The PPF 7800 index | Pension Protection Fund |
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