Pension funds 'back in surplus'

Image caption, Pension funds are affected by the state of investments

The UK's final-salary private sector pension funds are back in surplus, according to the Pension Protection Fund (PPF).

The 6,653 schemes measured by the PPF moved from a deficit of £20bn at the end of September to a surplus of £13.5bn at the end of October.

This compared with a deficit of £44bn a year earlier.

The rising value of shares in the UK and globally helped the state of the schemes to improve.

The position of pension schemes is extremely volatile.

In the past two years the position of the schemes measured by the PPF has swung from a deficit of £192bn in March 2009 to a surplus of about £53bn in March this year.

The number of schemes in deficit at the end of October decreased to 4,128, representing 62% of the total, the PPF said, with the number of schemes in surplus having increased to 2,525.

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