UK- The aggregate funding position of defined benefit (DB) funds in the UK worsened for the third consecutive month in January, the Pension Protection Fund has estimated.
Scheme funding was worse than it was a year previously (surplus of £31.9bn in January 2007), with the January deficit the highest since February 2006.
The PPF said the deterioration in scheme funding last month was primarily due to weaker equity markets which led to a fall in assets of 3.3%, whilst lower gilt yields raised liabilities.
The total deficit of schemes in deficit in January 2008 was estimated to have worsened to £106.0bn from £82.4bn at the end of December 2007.
In January, the total surpluses of schemes in surplus fell to £44.8bn from £62.9bn at the end of December 2007. In January 2007, the aggregate surplus of all schemes in surplus stood at £83.1bn.
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