13Mar

U.K. pension fund surplus and funding ratio rises in February

News , ,

The total surplus of U.K. corporate pension funds covered by the Pension Protection Fund, London’s 7800 index increased by 4% in February to £442.3 billion ($559.8 billion), while the funding ratio also rose.

The funding ratio increased to 146.1% as of Feb. 29, compared to 143.9% at the end of January, an update said.

The total deficit of all plans with a shortfall was £3.9 billion as of Feb. 29, down from £4.3 billion as of Jan. 31. Total assets were £1.4 trillion, up 0.4% month-on-month, and total liabilities were £958.5 billion, a 1.7% decrease for the month. There were 529 pension funds in deficit and 4,521 plans in surplus as of Feb. 29.

“Over the past month, we’ve seen positive movements across our estimates in the PPF 7800 index,” Shalin Bhagwan, chief actuary at the PPF, said in the update. “These movements resulted from both a decrease in the liabilities of schemes in the defined benefit universe by 1.2% and a net rise in the value of assets held of 0.4%.”

According to Bhagwan, falling liabilities were a result of an increase in shorter-dated gilt yields as stronger inflation data meant that markets priced a later and shallower rate-cutting path for global central banks.

 

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