DB pensions see £400bn funding improvement during 2022

The consultancy's DB:UK funding tracker found that, based on assets of £1,456bn and liabilities of £1,394bn, the aggregate funding level of UK pension schemes on a long-term target basis was 104% as of 20 December 2022, representing a funding increase of just under 20 percentage points during 2022. It said gilt yield rises of around 3% resulted in a 35% reduction in the value of pension scheme liabilities, moving many UK schemes into a surplus position for the first time since aggregated records began despite falls in asset portfolios of around 20% during the year. XPS Pensions Group ...