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UK pension deficit remains level over November, masking drop in liabilities and assets
PwC Skyval Index
PwC
29 Nov 2018 United Kingdom Funding and Minimum Funding Requirement, Scheme Issues & Trends, Surpluses and Deficits
Key Details:
  • New figures released today from PwCs Skyval Index show the deficit of UK defined benefit (DB) pension funds stand at 230bn at the end of November 2018, in line with the deficit at the previous month end.
  • PwCs Skyval Index, based on the Skyval platform used by pension funds, provides an aggregate health check of the UKs c.5,600 corporate DB pension funds.  The current Skyval Index figures, based on the 'gilts plus' method widely used by scheme actuaries, are:

Assets
Liability target
Deficit
1,570bn
1,800bn
230bn

Comment: While the deficit of the UK pension schemes remained unchanged over November, this masks a drop of some 20bn in both assets and liabilities, which has been driven predominantly by a rise in gilt yields over the month. The Index is based on the most widely used approach by scheme actuaries for setting discount rates - gilt yields plus a margin - and these figures show the inherent volatility of this method from month to month.
source: PwC Press Release
7A1131261