The aggregate surplus of the 5,050 schemes within the PPF 7800 Index experienced a slight dip as of January 2024, totalling £425.4 billion, down from £428.2 billion at the end of December 2023.
Among these schemes, 599 were in deficit, while 4,451 were in surplus. Additionally, the funding ratio rose from 142.8 per cent at the close of December 2023 to 143.9 per cent by the end of January 2024.
Broadstone senior actuarial director Jaime Norman says: “The PPF 7800 recorded a very minor deterioration through January but the big picture of pension schemes holding on to hefty funding improvements remained consistent in the first month of the year.
“As a result, we are expecting another record year of de-risking in 2024 as schemes look to capitalise on the attractive funding position they have entered over the past couple of years. Meanwhile, insurers have moved quickly to ramp up capacity so they are able to meet this expected demand in what remains a competitive market.
“Despite this increased ability to meet de-risking demand, schemes still need to sure they have best-in-class administration, excellent data and meticulous preparation before approaching the market.”