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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 5,215 schemes in the PPF 7800 Index is estimated to have increased over the month to £206.2 billion at the end of April 2022, from a surplus of £176.4 billion at the end of March 2022.
• The funding ratio increased from 111.4 per cent at the end of March 2022 to 114.0 per cent. • Total assets were £1,678.0 billion and total liabilities were £1,471.8 billion. • There were 1,757 schemes in deficit and 3,458 schemes in surplus. • The aggregate deficit of the schemes in deficit at the end of April 2022 was £47.8 billion, down from £62.9 billion at the end of March 2022. Lisa McCrory, PPF Chief Finance Officer and Chief Actuary said: “Last month’s aggregated funding ratio for the schemes under our protection continued to rise to 114.0 per cent. The increase is mainly due to the ongoing surge in bond yields primarily driven by central banks combatting the rising inflation. It’ll be interesting to see what impact the US and UK rate moves will have on the 7800 Index next month when coupled with ongoing COVID lockdowns in China and further heightened economic sanctions on Russia.”
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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