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Pension Funds

PPF 7800 index sees boost in funding in April as deficit declines

U.K. defined benefit funds covered by the Pension Protection Fund's 7800 index saw their aggregate deficit decline in April to 6.4 billion ($8.3 billion) from 43.9 billion at the end of March.

The London-based lifeboat for pension funds of insolvent U.K. companies said in an update Tuesday that the funding level increased to 99.6% as of April 30 vs. 97.4% as of March 31. On April 30, 2018, the funding level was 97.5%.

Assets were flat over the month and increased 4.3% during the year to 1.649 trillion. For the month, liabilities declined 2.2% but increased 2.2% for the year to 1.656 trillion.

PPF said in its update that the FTSE All-Share index gained 2.7% for the month and 2.6% for the year. Five- to 15-year index-linked gilt yields rose 8 basis points in April and fell 46 basis points over the year.

As of April 30, 56.7% of the 5,450 pension funds covered by the index were underfunded, down from 59.9% on March 31. As of March 31, 2018, 60.3% of the 5,450 pension funds covered by the index were in deficit.