The total deficit of all U.K. corporate pension funds decreased 0.8% in May to £259 billion ($395.8 billion), said the latest analysis by JLT Employee Benefits.
A 0.3% increase in total liabilities to £1.54 trillion was more than offset by a 0.5% increase in total assets to £1.281 trillion.
The funded status was steady at 83%.
However, the deficit increased year-over-year by 51.5% compared with figures as of May 31, 2014. The funding level dropped from 87% as of that date.
There was a decrease of 2.4% in total pension fund deficits for the largest 100 companies in the U.K., to £82 billion, in the month ended May 31. The funding level remained at 87%. Over the past 12 months, the deficit increased 43.9%, while the funding level fell from 90%.
It was a similar story for FTSE 350 company pension funds, whose total deficits decreased 3.1% to £93 billion in May. Over the year ended May 31, however, deficits increased 40.9%. The funding level was steady over the month, at 87%, but decreased from 90% as of May 31, 2014.
Charles Cowling, director at JLT Employee Benefits, said in a statement accompanying the data that the unexpected outright victory by the U.K.'s Conservative Party in the general election was “good news for the business climate.” However, Mr. Cowling warned that nervousness remains around the possibility of a U.K. exit from the European Union.