The total deficit of U.K. defined benefit funds covered by the Pension Protection Fund's 7800 index worsened 37% in May to £176.3 billion ($217.6 billion).
The deficit was £128.5 billion as of April 30. The deficit of U.K. defined benefit funds also deteriorated over the year ended May 31, from £38.1 billion as of May 31, 2019, London-based PPF said Tuesday in an update.
The funding ratio of the corporate pension plans covered by the index decreased over the month to 90.9% as of May 31, down from 93.1% as of April 30. The funding ratio was 97.7% a year ago, the update said.
Assets increased 1.4% during the month and rose 8.6% for the year ended May 31, to £1.769 trillion. Liabilities increased 3.8% over the month and increased 16.7% for the year, to £1.945 trillion.