UK DB pension deficit falls by £70bn during October, PwC Skyval Index data shows

Nov 04, 2019

Figures released today from PwC’s Skyval Index show the deficit of defined benefit (DB) pension funds stood at £220bn at the end of October 2019, down by £70bn on the previous month. 

PwC’s Skyval Index, based on the Skyval platform used by pension funds, provides an aggregate health check of the UK’s c.5,450 corporate DB pension funds.  The current Skyval Index figures, based on the 'gilts plus' method widely used by scheme actuaries, are:



Liability target






A £100bn jump in the deficit throughout August 2019 has been followed by consecutive decreases of £50bn in September and £70bn in October.

Steven Dicker, PwC’s chief actuary, said:  

“Continuing political and economic uncertainty, both domestically and globally, means that funding levels on the ‘gilts plus‘ basis are likely to remain volatile.  While hedging has helped stabilise many schemes, others remain significantly exposed. There is also the risk that traditional hedging strategies come under pressure due to leverage and liquidity constraints.  These factors will further increase interest in cash flow driven approaches to investment and funding, especially for more mature schemes.”

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with over 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see for further details.

© 2019 PwC. All rights reserved

Contact us

Media Enquiries

Press office, PwC United Kingdom

Tel: +44 (0)20 7213 1768

Follow us