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Employee Benefits News

Latest News
18 Feb 2013

Final Salary Pensions Deficit Shrinks To £211.2 Billion In January

Private sector final salary pension schemes saw their aggregate deficit narrow to £211.2 billion at the end of last month from £244.7 billion at the end of December, the Pension Protection Fund (PPF) said last week.

According to the latest data, the deficit of the 6,316 schemes in the PPF 7800 index has also improved from the level of £265.4 billion noted at the end of January 2012.

The aggregate deficit of all schemes in deficit stood at £240.4 billion at the end of January, which is down from £269.1 billion a month earlier and £285.9 billion at the end of January last year. There were 5,031 schemes in deficit last month, or 79.7% of the total, down from 5,173 in December and 5,244 in January 2012.

Meanwhile, the schemes in surplus saw their total surpluses jump to £29.3 billion from £24.4 billion at the end of December and £20.5 billion as of 31 January 2012. The number of schemes in surplus was 1,285 at the end of January, or 20.3% of all schemes, which is up from 1,143 a month earlier and 1,072 a year ago, the figures showed.

In addition, the schemes´ funding ratio, which represents assets as a percentage of s179 liabilities, increased to 83.7% at the end of last month from 81.3% in December and 79.4% a year earlier. Total scheme assets added up to £1.0843 trillion as of 31 January, a rise of 1.8% on the month and a 6.0% increase on the year. Total scheme liabilities stood at £1.2955 trillion, a fall of 1.1% from the level at the end of 2012 and 0.5% below liabilities a year earlier.

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