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.
• The aggregate surplus of the 5,215 schemes in the PPF 7800 Index is estimated to have decreased to £133.6 billion at the end of February 2022, from a surplus of £146.4 billion at the end of January 2022. Lisa McCrory, PPF’s Chief Finance Officer and Chief Actuary, said: “While the aggregate funding position for the 5,215 DB schemes we protect remains positive overall, a fall in global equity assets, offset by an increase in most bond yields, has seen the aggregate surplus fall to £133.6bn. This also means more schemes are in deficit with an increased aggregate deficit of £83.1bn. Although the change at an aggregate level is small, the impacts on some individual schemes may be more significant.” View the March update and see the supporting data on the 7800 Index for 28 February 2022 here: |
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