On the go: The overall funding position of UK defined benefit schemes improved in June, figures released by the Pension Protection Fund on Tuesday showed.
Broadly, the figures are good news for defined benefit pension savers, whose retirement savings ended the month slightly more secure.
The overall funding level increased to 97 per cent at the end of June from 96 per cent at the end of May.
The UK’s total funding deficit decreased to £51.7bn at the end of June from £69.9bn for the previous month, covering the 5,450 UK schemes in the PPF’s 7800 Index.
Total assets ended the month at £1.69tn, compared with liabilities of £1.74tn.
However, more schemes remain in deficit than surplus. The PPF recorded 3,275 schemes in deficit and 2,175 schemes in surplus, an improvement on last month.
