The total surplus of the 5,131 schemes in the PPF 7800 Index is predicted to have dropped from £446.9b at the end of September 2023 to £441.4b as of October 2023.
The funding ratio remained at 147.5 per cent. There are now 473 schemes in deficit out of 4,658 schemes in surplus.
Broadstone senior actuarial director Jaime Norman says: “The surplus for Defined Benefit schemes appears to have settled at around the £440bn mark, a sharp increase from the aggregate deficit we saw prior to 2021.
“With higher gilts yields seeming to be sticking around and some positive news around inflation, pension scheme trustees and sponsors can approach the end of 2023 with a degree of confidence.
“The overall positive funding has made de-risking and buy-out more achievable for many schemes, leading to busy insurance market. Consequently, many pension scheme clients are working hard on their data and understanding their risks to make them attractive for insurers.
“Early work on administration and data management can be the difference between a scheme achieving a transaction or not in a competitive environment for de-risking.”
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