Pensions deficit cut in September, says PPF

Cash in hand
Image caption The estimated cost of providing pensions has put some pressure on funds

The collective deficit of the UK's private sector, final-salary, pension schemes improved during September.

The Pension Protection Fund (PPF) said that the deficit of the 6,432 schemes fell from £280bn at the end of August to £229bn a month later.

A slight pick-up in the performance of shares helped to improve the situation for schemes.

However, the deficit remained larger than a year earlier, when it stood at £205bn.

This was the result of a rise in the estimated costs of providing pensions.

Some 5,248 schemes were in deficit at the end of September while 1,184 were in surplus.

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