U.K. corporate pension fund surplus gains again in June
The total surplus of U.K. defined benefit funds covered by the Pension Protection Fund’s 7800 index increased 4.7% in June to £99 billion ($137 billion).
The surplus was £94.6 billion at the end of May.
A year earlier, U.K. corporate DB funds recorded a total deficit of £132.2 billion, the London-based PPF said Tuesday in an update. The PPF is the lifeboat fund for defined benefit plans of insolvent U.K. companies.
The funding ratio increased to 105.8% as of June 30, up from 105.6% as of May 31. The funding ratio was 93.1% as of June 30, 2020, the update said.
As of June 30, 45.6% of the 5,318 pension funds covered by the index were in deficit with a total £117.7 billion, compared with 46% and £117.8 billion as of May 31. As of June 30, 2020, 63.8% of pension funds were in deficit with a total £261.5 billion.
Assets were up 1.4% during the month and rose 1.2% for the year ended June 30 to £1.81 trillion.
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