The deficit for defined benefit funds widened to £240bn at the end of July due to a fall in bond yields, according to PwC.
The figure, which is a £20bn increase from June, was sourced from PwC’s Skyval Index, which uses a gilts plus measure of liabilities for around 5450 corporate DB pension funds.
The index estimates total assets at £1,720bn and liabilities at £1960bn.
PwC chief actuary Steve Dicker said July’s drop in bond yields was greater in impact than the rise in value of scheme assets.
“This once again highlights the disconnect between assets and liabilities in the valuation of pension schemes,” he said.
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