The aggregate deficit of occupational pension funds covered by the U.K. Pension Protection Fund’s 7800 index increased 17.7% to £292.6 billion ($436.9 billion) in March.
Decreases in nominal and index-linked gilt yields increased liabilities 4.2% to £1.575 trillion as of March 31, while total assets increased 1.5% to £1.283 trillion compared with Feb. 28.
The funding ratio decreased to 81.4%, from 83.6% the previous month.
Within the index, which covers 6,057 pension funds, 82.5% had a deficit as of March 31, compared with 80.1% as of Feb. 28. The remaining 17.5% had a surplus, compared with 19.9% a month earlier.
