The aggregate deficit of occupational pension funds in the U.K. Pension Protection Fund’s 7800 index increased 34% to £221.1 billion ($346.7 billion) in November.
Total liabilities were £1.454 trillion, up 6.6% compared to Oct. 31, reflecting “decreases in nominal and index-linked gilt yields,” the PPF said in its update. Total assets also increased 2.8% to pound;1.233 trillion. The funding ratio fell to 84.8%, down from 87.9% at the end of October.
Of the 6,057 funds covered by the index, 79% had deficits, while the remaining 21% had surplus assets, compared to 75.4% and 24.6%, respectively, the previous month.