Deficits

The Pension Protection Fund (PPF) reached a surplus of £3.6bn at the end of March, according to its 2014/15 annual report and accounts.

A nationwide strike at Tata Steel has been called off after the firm agreed to keep its scheme open in return for changes to benefits that will cut £1bn from its deficit.

The planned £129m sale of Aga announced today will put the firm's defined benefit pension scheme on firmer financial footing, according to the trustees' adviser.

There has been a persistent fall in defined benefit (DB) pension scheme deficits over the past quarter, according to official data.

The Pension Protection Fund (PPF) has raised concern that low interest rates could persist into the future despite expectations of a reversal to historic norms.

Total deficits in FTSE 250 defined benefit (DB) pension schemes hit £12bn last year after rising more than 70% in 12 months, according to JLT Employee Benefits.

The total deficit of schemes in the Pension Protection Fund (PPF) 7800 Index has fallen by more than a third since the record high of £367.5bn in January.

PwC's Jonathon Land says understanding covenant strength is vital as trustees approach tough funding discussions

Deficits in UK defined benefit schemes remained at "eye-watering" levels in May and are more than 50% higher than they were this time last year, according to JLT Employee Benefits.

The vast majority of schemes with valuation dates between September 2014 and September 2015 will need to consider extending recovery periods and increasing contribution rates, The Pensions Regulator says.