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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 £261.6 billion at the end of May 2022, from a surplus of £206.2 billion at the end of April 2022
• The funding ratio increased from 114.0 per cent at the end of April 2022 to 118.9 per cent. • Total assets were £1,642.6 billion and total liabilities were £1,381.0 billion. • There were 1,450 schemes in deficit and 3,765 schemes in surplus. • The aggregate deficit of the schemes in deficit at the end of May 2022 was £28.2 billion, down from £47.8 billion at the end of April 2022 Lisa McCrory, PPF’s Chief Finance Officer & Chief Actuary said: "Last month’s 7800 Index set two new records – the highest aggregated funding ratio and the lowest number of schemes in deficit on record. This continues the trend of improving funding driven by rising gilt yields. Whilst it’s positive to see these ongoing improvements in scheme funding, we are mindful that the impacts for individual schemes will be varied and that some schemes remain materially underfunded. It is important that Trustees are monitoring their scheme’s funding position and understand the risks and opportunities arising from the current environment. "
View the June update and see the supporting data on the 7800 Index for 31 May 2022 here: The PPF 7800 index | Pension Protection Fund |
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