10 April 2013
The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-March 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund.
The steady improvement in universe funding through the early part of 2013 came to an end in March, with an increase in total scheme deficit from £201.5bn in February to £236.6bn with a corresponding small reduction in s179 funding ratio to 82.6% from 84.6%.
This deterioration was driven by reductions in gilt yields over the month, largely due to uncertainties in Europe; this caused a tilt away from risk-taking assets and into gilts. Scheme asset levels did slightly increase over the month but not by enough to counter the increase in assessed present value of liabilities.
A full report and analysis is provided by the PPF on their website