Martin Veasey's Pensions Pages

11 October 2013 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-September 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. September marked a rare month, where neither assets nor liability values moved significantly and hence the net deficit was mostly unchanged: moving from £112.4bn to £114.8bn (a change in funding ratio from 90.8% to 90.7% retracing the move in August). Report and analysis is provided by the PPF on their website

Continue reading

20 September 2013 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-August 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. The marginal improvements in funding levels for August (an increase to 90.8% from 90.7%) masked a more interesting period for assets and liabilities. Both sides of the DB pensions balance sheet fell by a couple of percent, largely driven by ongoing increases in short- to mid- gilt yields and a little softness in growth markets. Report and analysis…

Continue reading

19 August 2013 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-July 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. July saw a rather modest improvement in funding levels for the PPF universe with a fall in total scheme deficit to £115.7m from £134.3 in June and a corresponding improvement in s179 funding ratio to 90.7% from 89.1%. Growth assets – particularly equity markets – improved, but this was partially offset by the effect on liabilities of a…

Continue reading

17 July 2013 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-June 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. June’s turbulence saw a significant net improvement in universe funding levels. The mid-month turmoil in growth asset markets had at least in part moderated by month end and gilt yields heavily increased over the month – for instance 10yr gilt yields rose by about 45bp in June – resulting in a heavy drop in the assessed current value…

Continue reading

PPF 7800 DB Pension Scheme Funding Ratio – May 2013 12 June 2013 The Pension Protection Fund produces a monthly index update (this month’s release has data taken as at end-May 2013) of the estimated funding position of the defined benefit schemes which would be potentially eligible for entry into the Fund. May saw a significant improvement in universe funding levels, despite growth asset performance being largely flat – by far the main contributor was an increase in term interest rates (by way of an example, 10 year gilt yields increased by some 30bp over the month). There was a…

Continue reading