The aggregate deficit of U.K. defined benefit occupational pension funds in the Pension Protection Fund’s 7800 index increased 14% in March to £70 billion ($117 billion).
Total liabilities increased 0.7% as of March 31 to £1.22 trillion, while total assets were broadly unchanged, at £1.15 trillion.
The PPF 7800 index covers 6,150 U.K. pension funds, of which 65.8% were running a deficit and 34.2% had a surplus.
Funding levels fell to 94.3%, compared with 94.9% at the end of February.
The 0.7% rise in liabilities was the result of a fall in index-linked gilt yields, the PPF said in its index update.