The funding level of all U.K. corporate pension funds covered by the Pension Protection Fund’s 7800 index improved 5.1 percentage points to 100.9% in November, in part due to new actuarial assumptions and data set.
An update Tuesday by the London-based lifeboat plan said it had moved to a new version of actuarial assumptions, effective Nov. 1. It also moved to a new data set for its figures related to U.K. funds from March to October. Data for previous dates were unchanged.
The funding level increased from 95.9% as of Oct. 31.
The funding position of these pension plans also improved in November, to a £14.3 billion ($18.3 billion) surplus as of Nov. 30. That compared with a deficit of £67.2 billion as of Oct. 31.
A fall in liabilities of 5.4% to £1.566 trillion more than offset a 0.5% drop in assets, which fell to £1.58 trillion as of Nov. 30.
As of Nov. 30, 55.2% of funds in the index had a deficit vs. 62.8% of funds in deficit as of Oct. 31. The index covers 5,450 funds.