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FTSE 350 pension deficit narrows to £17bn
FTSE 350 pension deficit narrows to £17bn
Mercer
4 Dec 2018 United Kingdom Funding and Minimum Funding Requirement, Surpluses and Deficits
Key Details:
  • Mercerís Pension Risk Survey data shows that the accounting position of defined benefit (DB) pension schemes for the UKís 350 largest listed companies improved by £19bn in November, with the deficit falling from £36bn to £17bn.
  • The improvement in funded status partially reverses the significant shift back into deficit in October, from a £3bn surplus in September. Liabilities have fallen from £795bn to £767bn due to an increase in corporate bond yields and a fall in market implied inflation. Asset values fell from £759bn to £750bn.The quoted funding level increased from 95% to 98%.
Notes:
  • Mercer estimates the aggregate combined funded ratio of plans operated by FTSE350 companies on a monthly basis. This is based on projections of their reported financial statements adjusted from each companyís financial year end in line with financial indices. This includes UK domestic funded and unfunded plans and all non-domestic plans. The estimated aggregate value of pension plan assets of the FTSE350 companies at 31 December 2017 was £766bn, compared with estimated aggregate liabilities of £798bn. Allowing for changes in financial markets through to 30 November 2018, changes to the FTSE350 constituents, and newly released financial disclosures, the estimated aggregate assets were £750bn, compared with the estimated value of the aggregate liabilities of £767bn.
source: Mercer Press Release
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