The combined defined benefit pension deficit dropped by £20bn over September 2018, new figures have revealed.

Data from PwC’s Skyval Index show that the deficit dropped down to £150bn in September from £170bn at the end of August 2018.

At the end of September, assets stood at £1,620bn with liabilities of £1,770bn.

Commenting, PwC chief actuary Steven Dicker said: “September has seen another decrease in the deficit for UK pension schemes, the change this month being predominantly due to increases in gilt yields impacting liabilities more than assets.”

PwC’s Skyval Index, based on the Skyval platform used by pension funds, provides an aggregate health check of the UK’s c.5,600 corporate DB pension funds.

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