The total deficit of all U.K. corporate pension funds decreased 3% in April to £261 billion ($390 billion), said the latest analysis by JLT Employee Benefits.
Total assets also decreased, by 0.5% to £1.275 trillion, while liabilities decreased 1% to £1.536 trillion. The funded status was steady at 83%.
However, the deficit increased year-over-year by 52.6% compared with figures as of April 30, 2014. The funding level dropped from 87% as of that date.
The largest 100 companies in the U.K. saw their total pension fund deficit decrease 5.7% in April to £84 billion as of April 30, and the funding level increased to 87% from 86% as of March 31. Over the past 12 months, the deficit increased 40%, while the funding level fell from 90%.
FTSE 350 company pension funds recorded a total deficit of £96 billion, a decrease of 5% in April, but an increase of 39.1% for the year ended April 30. The funding level increased to 87% from 86% as of March 31, but decreased from 89% as of April 30, 2014.
