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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 decreased over the month to £254.3 billion at the end of July 2022, from a surplus of £267.9 billion at the end of June 2022.
• The funding ratio decreased from 120.1 per cent at the end of June 2022 to 118.2 per cent. • Total assets were £1,653.7 billion and total liabilities were £1,399.4 billion. • There were 1,490 schemes in deficit and 3,725 schemes in surplus. • The aggregate deficit of the schemes in deficit at the end of July 2022 was £29.8 billion, up from £25.3 billion at the end of June 2022. Lisa McCrory, Chief Finance Officer and Chief Actuary said: “For the first time in six months, we’ve seen the funding position for the 5,215 schemes under our protection decline. This decline is the result of a fall in bond yields as markets anticipate the recent central bank tightening cycles may be drawing to a close. While the aggregate surplus for the PPF 7800 Index remains positive, the economic outlook remains uncertain with the risk of an uptick in the rate of corporate insolvencies. We encourage trustees, even if their funding position is strong, to have contingency planning for employer insolvency in place.” View the August update and see the supporting data on the 7800 Index for 31 July 2022 here |
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