The aggregate deficit of the U.K. defined benefit funds covered by the Pension Protection Fund's 7800 index is estimated to have increased to £69.9 billion ($88.2 billion) at the end of May, from a deficit of £6.4 billion at the end of April.
The position has worsened from a year ago, when the London-based PPF recorded a deficit of £53.8 billion as of May 31, 2018.
The funding level of pension plans decreased over the month to 96% at the end of May 31, from 99.6% as of April 30. As of May 31, 2018, the funding level was 96.8%.
Assets rose over the month and the year, by 0.8% and 3%, respectively, to £1.662 trillion. For the month, liabilities increased 4.6% and 3.9% for the year, to £1.732 trillion.
The PPF said in an update that the FTSE All-Share index fell 3% for the month and dropped 3.2% for the year. Five- to 15-year index-linked gilt yields fell 19 basis points in May and fell 53 basis points over the year.
As of May 31, 62.1% of the 5,450 pension funds covered by the index were in deficit, up from 56.7% as of April 30. As of May 31, 2018, 65.5% of the 5,588 pension funds covered by the index were in deficit.