The Pension Protection Fund today updated its PPF 7800 Index.
The figures relating to the month of July show a growing deficit, with the aggregate deficit (total s179 liabilities minus total assets) at £283bn in July 2012, compared to £267bn in June 2012 and £78bn in July 2011. This means that the funding ratio has fallen from 92.7% in July 2011 to 78.9% in July 2012, (funding levels are driving by equity markets and gilt yields).
Over the month, assets rose by 1.6%, due to improving equity markets and rising gilt prices. However, liabilities increased by 2.5% over the same period, mainly reflecting a fall in gilt yields and rising gilt prices.