Pension deficits hit £67.3bn July

The funding ratio for the 6,533 schemes in the PPF 7800 Index fell from 99.2% to 93.7%, with total assets at £1001.4bn and liabilities at £1068.7bn. Out of these, 4,684 schemes were in deficit and 1,849 schemes in surplus. The lifeboat fund said equities were the biggest drivers behind the changes in scheme assets but falling gilt yields also hit performance. The PPF said: "The FTSE All-Share Index fell by 2.3% over July and 15-year gilt yields were down 42 basis points. "During the month of July there was a 0.26% decrease in assets mainly due to declining UK and global equities...