UK - The Pension Protection Fund (PPF) has released results of its PPF 7800 index, showing the aggregate funding position of defined benefit (DB) pension schemes worsened over July, slumping to a deficit of £24.1bn (US$46.2bn).
The total deficit of schemes in the PPF 7800 at the end of July was £80.1bn, against £63.7bn at the end of June and £34bn a year ago.
The PPF 7800 index covers the funding positions of 7,783 predominantly private-sector DB schemes, calculated on an s179 basis.
S179 reflects the level of payment a pension scheme would have to make to an insurance company to take on the PPF levels of compensation.
Meanwhile, the £520m London Borough of Enfield has reappointed State Street to provide a range of investment services.
The fund said State Street would oversee its global custody, investment accounting, performance measurement, foreign exchange and securities lending services.
Paul Reddaway, head of treasury and pensions at the Enfield fund, said: "We were keen to continue our long-standing partnership with State Street. It presented the best overall service package and has a clearly defined local authority focus. State Street remains a very good fit for our fund."
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