The rising U.K. stock market raised all British corporate defined benefit pension plans to an aggregate surplus of £46.1 billion ($74.3 billion) as of Jan. 31, up from an aggregate deficit of £12.7 billion a year earlier, according to the Pension Protection Fund’s monthly estimate.
Aggregate assets rose 11.6% in the year ended Jan. 31, outpacing a 4.8% rise in liabilities.
During the time period, the FTSE All-Share index climbed 14.4%, but U.K. 15-year government bond yields fell 10 basis points to about 4.2%.
The aggregate funding level of all plans in the estimate rose to 105%, up from 98.6% as of Jan. 31, 2010.
Despite the increase, more plans held deficits than had surpluses as of Jan. 31, 2011, when 3,696 plans were in the red and 2,864 were in the black.