PPF: DB universe drops back into red

£31.9bn deficit

James Phillips
clock • 2 min read

Defined benefit (DB) schemes fell back into deficit on aggregate over December as gilt yields and asset returns fell, the Pension Protection Fund (PPF) has said.

At the end of 2018, the combined funding level of 5,450 schemes was 98% with a deficit of £31.9bn on a section 179 basis, compared to 100.9% and a surplus of £14.3bn in November. Some 3,271 schemes finished the year with a collective shortfall of £166.4bn, while 2,179 schemes held a surplus of £134.6bn. The deterioration was marked by a £9bn fall in asset values and a £37.2bn increase in liabilities. While the month saw a significant worsening of funding positions, the figures are still considerably better than those recorded at the end of 2017. Over the course of the year, the fundin...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Retirement

Partner Insight: The psychology of retirement

Partner Insight: The psychology of retirement

Bridging the advisers-clients gap: How emotional intelligence can help build deeper trust with clients and better understand their financial goals

James Woodfall, Raise Your El.
clock 15 September 2025 • 1 min read
Managing drawdown risk: A new frontier in retirement planning

Managing drawdown risk: A new frontier in retirement planning

'Volatility alone is no longer a sufficient risk measure'

Matthew Wright
clock 29 August 2025 • 4 min read
Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read