On the go: Defined benefit funding levels have risen over September, bringing the UK's aggregate deficit to £38.7bn on the Pension Protection Fund's section 179 basis.
UK schemes ended the month at 97.7 per cent funded according to the latest 7800 Index, up from 96.1 per cent at the end of August 2018 and 94.2 per cent at the close of September 2017.
The monthly move was mainly driven by a reduction in liabilities, which fell from £1.69tn to £1.65tn. Asset values dropped slightly over the month to £1.61tn.
Some 61.5 per cent of the total 5,588 schemes were in deficit at the end of the month when measured using the s179 basis, which estimates the cost of securing PPF-level benefits with an insurer.
Source: Pension Protection Fund
