Occupational defined benefit scheme funding analysis 2025 annex

Annex: Valuations and recovery plans of UK defined benefit and hybrid pension schemes.

Published: 4 September 2025

Schemes in the dataset

Table 1.1: number of valuations analysed by cycle and tranche (schemes in surplus and deficit, all tranches)

Cycle	Tranche	Valuation period	Number of RPs analysed	Number of surplus valuations analysed
1	1	22 September 2005 to 21 September 2006	2,125	435
1	2	22 September 2006 to 21 September 2007	1,888	463
1	3	22 September 2007 to 21 September 2008	1,838	422
2	4	22 September 2008 to 21 September 2009	2,048	156
2	5	22 September 2009 to 21 September 2010	1,937	252
2	6	22 September 2010 to 21 September 2011	1,652	445
3	7	22 September 2011 to 21 September 2012	1,770	221
3	8	22 September 2012 to 21 September 2013	1,726	271
3	9	22 September 2013 to 21 September 2014	1,530	482
4	10	22 September 2014 to 21 September 2015	1,403	432
4	11	22 September 2015 to 21 September 2016	1,461	357
4	12	22 September 2016 to 21 September 2017	1,481	460
5	13	22 September 2017 to 21 September 2018	1,112	658
5	14	22 September 2018 to 21 September 2019	1,180	547
5	15	22 September 2019 to 21 September 2020	1,288	475
6	16	22 September 2020 to 21 September 2021	1,055	671
6	17	22 September 2021 to 21 September 2022	862	782
6	18	22 September 2022 to 21 September 2023	624	1,016

Table 1.1: Number of valuations analysed by cycle and tranche

This dataset comprises schemes that have submitted recovery plans (that is, schemes in deficit on the TP liabilities funding basis as at their valuation date) as well as schemes in surplus. By July 2025, we had received 624 recovery plans and 1,016 valuations in respect of schemes reporting a surplus.

72% of schemes with tranche 18 valuations also reported valuations in tranche 15, 12, 9, 6 and 3.

Table 1.2a: Concentration by scheme characteristics (schemes in surplus and deficit)

Tranche (percentage of schemes)

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	33.2	34.0	34.1	32.0	34.6	36.5	34.4	35.0	35.1	34.5	36.1	36.0	34.7	37.5	35.9	36.0	38.1	36.2
100 to fewer than 500 members	34	36.1	34.0	33.0	34.7	34.7	32.8	34.7	34.8	31.7	33.8	35.3	31.2	34.1	35.4	31.2	34.4	33.9
500 to fewer than 1,000 members	11.2	10.3	12.0	11.9	10.9	9.9	11.1	10.5	10.1	11.7	10.3	9.5	12.4	9.1	9.7	11.5	9.2	9.6
1,000 to fewer than 5,000 members	14.5	12.6	13.7	15.0	12.8	13.2	14.0	12.7	13.8	14.1	12.9	13.4	14.2	12.4	13.4	14.0	12.3	13.8
5,000 members or more	7.1	6.9	6.2	8.2	7.0	5.6	7.8	7.1	6.0	8.0	6.9	5.8	7.5	6.8	5.6	7.3	6.0	6.4

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	31.0	31.8	28.4	27.4	27.8	26.0	23.5	23.6	21.3	21.7	21.3	18.8	20.3	19.5	16.4	18.5	20.0	20.0
£5m to less than £20m	28.7	31.1	29.8	28.2	29.8	29.2	24.8	26.9	29.0	23.1	26.1	26.0	21.3	25.0	25.4	21.9	23.9	27.3
£20m to less than £100m	24.9	23.0	26.4	25.6	25.2	26.5	28.6	27.9	28.5	28.2	28.1	29.9	29.4	29.0	31.0	28.3	30.1	28.9
£100m to less than £300m	7.7	7.1	8.7	9.9	8.6	10.9	12.4	10.4	12.2	14.3	11.7	13.5	14.8	12.6	14.5	15.5	12.3	13.4
£300m or greater	7.7	7.0	6.7	8.9	8.6	7.3	10.7	11.3	9.1	12.6	12.8	11.7	14.1	13.8	12.6	15.7	13.8	10.4

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	47.2	46.4	40.4	38.2	36.5	30.5	30.2	29.0	25.1	26.9	24.2	21.9	21.7	19.7	15.9	16.9	14.6	8.9
25% to less than 50%	36.6	37.7	42.1	40.1	42.3	45.7	42.1	44.3	44.3	42.4	44.2	45.1	42.7	41.6	41.3	40.3	39.2	31.0
50% to less than 75%	14.4	13.7	15.3	18.9	18.6	20.7	24.1	23.7	26.7	26.7	26.9	28.0	30.3	32.7	36.3	35.9	37.7	48.4
75% or greater	1.8	2.2	2.1	2.7	2.7	3.2	3.6	3.0	3.9	4.0	4.7	5.0	5.4	6.0	6.5	6.9	8.5	11.7

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	78.1	73.7	71.5	67.8	63.5	61.0	55.8	51.5	52.7	45.7	43.4	42.7	37.1	34.7	38.1	30.0	29.4	32.2
TP liabilities not reported for active members	21.9	26.3	28.5	32.2	36.5	39.0	44.2	48.5	47.3	54.3	56.6	57.3	62.9	65.3	61.9	70.0	70.6	67.8

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							21.8	18.0	16.7	11.4	11.4	11.0	13.0	22.3	22.9	19.5	17.6	14.3
Covenant group 2 (Tending to Strong)							37.4	33.1	38.2	46.8	47.8	44.8	42.8	37.8	38.8	40.2	42.1	50.0
Covenant group 3 (Tending to Weak)							22.2	25.0	21.8	28.1	27.4	29.6	28.7	25.7	21.6	22.2	23.3	17.0
Covenant group 4 (Weak)							18.7	23.9	23.3	13.6	13.3	14.6	15.6	14.2	16.7	18.0	17.0	18.6

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	25.5	29.2	25.1	18.3	26.0	32.7	28.3	29.1	34.4	38.9	34.1	39.6	47.3	50.0	50.3	55.5	68.3	69.7
5 to fewer than 7.5 years	14.4	17.6	15.1	14.9	19.0	19.6	21.1	18.1	19.4	20.5	19.4	19.7	21.4	22.7	22.5	22.6	16.4	18.1
7.5 to fewer than 10 years	41.5	39.3	38.0	32.1	28.9	23.0	20.4	23.0	19.0	15.1	21.3	19.7	15.4	12.5	14.8	11.1	7.8	6.6
10 years or more	18.6	13.9	21.8	34.7	26.2	24.7	30.1	29.8	27.2	25.6	25.2	21.0	15.9	14.9	12.4	10.8	7.5	5.6

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				84.6	79.7	82.0	78.9	80.7	83.3	81.8	81.1	82.8	82.1	84.1	81.7	84.4	88.6	89.3
At least one contingent asset				15.4	20.3	18.0	21.1	19.3	16.7	18.2	18.9	17.2	17.9	15.9	18.3	15.6	11.4	10.7

Funding level (TP liabilitiess)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	18.2	12.5	14.1	42.8	19.8	11.7	22.4	20.7	9.8	11.1	13.0	12.3	8.5	10.7	12.8	8.4	5.2	3.6
70% to less than 80%	21.3	18.6	21.1	26.3	24.5	17.8	25.2	23.2	14.6	15.5	16.9	14.9	11.8	11.8	15.2	9.7	8.7	4.8
80% to less than 90%	26.4	26.5	25.1	15.6	27.6	25.5	26.5	24.4	24.2	24.9	26.5	23.2	17.2	20.0	20.9	17.1	13.7	11.3
90% to less than 100%	18.4	23.0	21.2	8.4	16.7	23.8	14.9	18.1	27.5	25.0	23.9	25.9	25.3	25.8	24.1	26.0	24.3	18.3
100% or greater	15.6	19.3	18.5	6.8	11.5	21.2	11.1	13.5	24.0	23.5	19.6	23.7	37.2	31.7	27.0	38.9	48.1	62.0

Table 1.2b: Distribution of members and liabilities across covenant groups (schemes in deficit only)

Tranches 16, 17 and 18

Covenant groups (schemes in deficit only)	Members (%)	Assets for Part 3 (TP liabilities) valuation (%)	TP liabilities (%)	Buyout liabilities (%)	s179 liabilities (%)
Covenant group 1 (Strong)	33.2	31.8	31.1	30.2	34.0
Covenant group 2 (Tending to Strong)	37.5	37.3	37.0	37.8	36.7
Covenant group 3 (Tending to Weak)	18.8	22.1	22.6	22.7	20.6
Covenant group 4 (Weak)	10.5	8.7	9.3	9.3	8.7

Coverage: approximately 99% of schemes in deficit for tranches 16, 17 and 18 combined.

Table 1.2c: Distribution of schemes and memberships across TP liabilities funding levels (schemes in surplus and deficit, tranches 16, 17 and 18)

Funding level (TP liabilities)	Schemes (%)	Members (%)
Less than 50%	1.3	0.3
50% to less than 60%	1.6	0.6
60% to less than 70%	3.3	0.8
70% to less than 80%	7.7	3.3
80% to less than 90%	14	6.5
90% to less than 100%	22.8	21.2
100% to less than 110%	29.2	42.8
110% to less than 120%	10.8	19.4
120% or greater	9.2	5.1

Table 1.2d: Concentration of memberships by scheme characteristics (schemes in surplus and deficit)

Tranche (percentage of memberships)

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	0.6	0.8	0.8	0.5	0.8	0.8	0.7	0.9	0.8	0.7	0.9	0.8	0.6	1.0	0.7	0.7	1.0	0.8
100 to fewer than 500 members	3.5	4.6	4.4	3.0	4.6	4.4	3.7	4.7	4.1	3.7	4.7	4.0	3.3	5.3	3.9	3.8	5.1	4.0
500 to fewer than 1,000 members	3.5	3.8	4.5	3.3	4.2	3.7	3.8	4.2	3.5	4.0	4.1	3.2	3.8	4.1	3.2	4.1	4.0	3.5
1,000 to fewer than 5,000 members	14.0	15.0	16.9	12.3	16	16.2	13.9	16.6	15.6	14.8	17.0	14.3	13.9	18.1	14.3	15.5	18.4	15.3
5,000 members or more	78.3	75.8	73.4	80.8	74.4	74.9	78.0	73.7	76.0	76.7	73.3	77.7	78.5	71.5	77.9	75.9	71.6	76.3

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	1.2	3.1	1.3	0.9	0.9	0.6	0.5	0.6	0.4	0.4	0.4	0.3	0.5	0.4	0.2	0.3	0.9	0.4
£5m to less than £20m	3.4	4.4	3.4	2.5	3.0	2.3	1.9	2.6	2.0	1.4	1.8	1.5	1.0	1.6	1.2	1.0	1.4	1.5
£20m to less than £100m	11.0	11.6	10.3	7.3	9.2	7.9	6.7	7.6	6.7	6.0	6.3	4.9	4.8	6.2	4.5	4.4	5.7	6.1
£100m to less than £300m	10.8	10.2	15.4	10.1	11.0	12.8	9.6	9.2	10.4	9.3	9.7	8.3	7.5	9.0	7.5	7.5	7.8	10.0
£300m or greater	73.7	70.7	69.5	79.2	76.0	76.3	81.4	79.9	80.4	82.9	81.7	85.0	86.2	82.8	86.6	86.7	84.2	81.9

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	14.8	14.9	20.2	16.4	9.3	5.9	6.2	8.4	13.6	19.7	7.9	5.0	15.5	7.9	4.6	15.3	6.4	2.1
25% to less than 50%	46.2	51.4	49.6	44.5	49.4	59.2	47.1	49.7	52.2	47.7	52.4	65.4	51.5	52.4	52.9	41.6	50.7	39.3
50% to less than 75%	37.8	31.6	27.5	37.8	39.5	32.9	43.8	40.0	32.3	31.9	37.0	27.8	31.6	35.6	41.0	39.0	38.6	55.9
75% or greater	1.3	2.1	2.7	1.3	1.8	2.1	3.0	1.9	1.9	0.7	2.7	1.7	1.4	4.1	1.6	4.1	4.3	2.7

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	97.5	95.1	93.9	90.8	89.8	88.2	79.7	74.7	82.7	68.5	66.6	70.9	62.1	53.4	67.3	47.1	38.8	71.1
TP liabilities not reported for active members	2.5	4.9	6.1	9.2	10.2	11.8	20.3	25.3	17.3	31.5	33.4	29.1	37.9	46.6	32.7	52.9	61.2	28.9

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							36.9	23.9	36.8	14.9	19.9	16.6	8.5	26.7	27.0	17.4	38.0	49.9
Covenant group 2 (Tending to Strong)							33.0	41.4	40.9	42.3	45.1	53.8	54.3	42.6	55.2	49.9	31.5	26.3
Covenant group 3 (Tending to Weak)							18.9	20.0	15.8	24.1	29.6	24.4	19.2	25.7	10.7	19.8	20.4	16.1
Covenant group 4 (Weak)							11.2	14.7	6.4	18.7	5.4	5.2	18.0	5.0	7.2	12.9	10.1	7.7

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	17.0	32.8	25.7	7.1	15.2	16.6	13.6	23.3	17.5	19.7	18.4	19.7	32.0	47.1	39.9	49.6	70.5	56.9
5 to fewer than 7.5 years	13.9	18.6	18.1	9.0	17.1	21.4	30.9	12.9	17.6	22.2	22.8	20.3	17.1	29.2	18.5	23.5	18.5	9.2
7.5 to fewer than 10 years	43.7	38.1	31.7	28.5	39.9	29.8	23.8	34.2	24.9	30.8	25.7	32.4	40.3	14.9	14.3	20.4	7.4	6.0
10 years or more	25.5	10.5	24.4	55.4	27.8	32.3	31.7	29.6	40.0	27.3	33.1	27.7	10.6	8.8	27.3	6.4	3.6	27.8

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				63.5	56.2	50.7	64.2	61.7	65.1	68.5	64.1	61.6	79.1	65.8	59.2	76.5	79.0	86.6
At least one contingent asset				36.5	43.8	49.3	35.8	38.3	34.9	31.5	35.9	38.4	20.9	34.2	40.8	23.5	21.0	13.4

Funding level (TPs)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	5.5	3.6	4.9	31.7	8.2	3.1	10.1	7.5	2.9	4.3	4.8	2.7	2.2	3.9	2.5	2.7	1.2	0.7
70% to less than 80%	13.1	8.7	18.6	33.8	23.9	17.7	20.1	21.1	15.7	12.1	9.8	5.6	6.7	4.9	4.6	4.5	3.5	1.8
80% to less than 90%	34.4	23.5	23.0	14.9	39.0	29.1	28.0	37.3	44.3	21.2	36.1	52.6	12.3	14.7	43.3	8.9	5.7	4.5
90% to less than 100%	31.3	42.4	26.9	15.9	21.8	39.0	32.3	27.3	22.8	40.6	32.9	18.1	46.2	39.7	27.6	21.1	18.8	23.5
100% or greater	15.6	21.7	26.6	3.7	7.1	11.1	9.6	6.8	14.3	21.8	16.4	21	32.6	36.9	22	62.8	70.8	69.5

Funding and other security arrangements

Table 2.1a: Key average funding ratios (schemes in surplus and deficit)

Unweighted average (%) - Tranche

Ratio of assets to:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities	79.8	82.3	81.2	71.3	79.0	82.3	78.4	82.2	89.4	88.6	87.0	88.8	93.5	91.6	89.0	93.7	97.2	103.6
s.179 liabilities	83.9	93.5	90.2	76.1	92.7	93.9	80.4	84.2	95.7	89.4	86.9	90.0	97.3	97.5	92.0	101.5	112.7	117.7
Buyout liabilities	53.4	58.0	60.4	51.4	57.7	58.7	55.5	58.3	63.8	61.0	60.2	61.2	68.7	69.8	68.3	74.6	80.2	90.6

Ratio of TP liabilities to:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
s.179 liabilities	105.0	113.5	110.8	101.5	112.3	109.7	99.9	98.6	102.5	96.9	95.8	96.9	100.0	102.9	99.3	105.2	113.6	110.4
Buyout liabilities	66.9	70.3	74.5	71.9	72.9	71.3	70.7	70.9	71.5	68.9	69.2	68.8	73.5	75.8	76.4	79.3	82.4	87.3

Table 2.1b: Key weighted average funding ratios (schemes in surplus and deficit)

Weighted average (%) - Tranche

Ratio of assets to:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities	85.8	88.8	83.9	74.4	83.1	86.7	84.1	84.8	89.2	90.9	89.0	90.5	96.4	96.0	93.7	99.2	102.2	105.5
s.179 liabilities	92.7	105.2	96.3	79.7	100.6	97.8	89.1	90.9	95.3	94.8	93.7	94.3	102.6	105.5	99.6	109.4	121.3	119.7
Buyout liabilities	60.8	66.7	66.8	55.2	62.1	62.7	60.6	60.6	64.1	64.1	62.4	64.5	71.8	75.4	75.7	80.4	85.8	89.3

Ratio of TP liabilities to:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
s.179 liabilities	108.2	118.6	114.8	105.8	121.8	114.4	109.4	111.4	109.9	106.4	106.8	105.4	106.9	111.1	108.3	111.2	120.4	106.1
Buyout liabilities	70.8	75.0	79.9	74.1	74.4	72.2	72.1	71.2	71.8	70.3	70.0	71.1	74.1	78.2	80.5	81.1	83.9	85.1

Table 2.2: Distribution of key funding ratios on various bases (schemes in surplus and deficit)

Tranche

Ratio of assets to TP liabilities:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	97.3	98.0	97.5	93.2	96.3	98.1	97.7	107.0	113.9	112.7	111.1	113.3	118.8	115.5	113.3	118.0	121.2	139.4
Upper quartile	89.1	91.1	90.4	80.2	88.0	91.3	87.6	92.5	99.0	98.4	97.1	99.2	103.7	101.6	100.3	103.2	105.8	111.6
Median	81.3	84.1	82.6	71.3	80.1	84.2	79.3	82.2	90.1	89.3	87.3	89.6	95.1	92.6	90.4	95.4	99.0	102.6
Lower quartile	71.8	75.5	74.2	62.2	71.4	75.5	70.1	72.2	80.1	79.0	77.7	78.6	82.9	81.7	78.2	84.4	88.4	92.9
5th percentile	57.5	61.4	60.3	50.6	57.6	61.1	55.2	56.0	62.5	62.7	60.0	60.3	65.1	62.9	59.2	64.0	69.8	74.8

Ratio of assets to s.179 liabilities:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	121.5	132.9	127.0	115.0	130.2	131.9	119.7	126.4	141.5	133.6	130.3	137.5	143.9	143.4	140.0	145.9	158.1	163.9
Upper quartile	94.5	106.0	101.4	88.1	104.6	105.4	92.4	97.6	110.0	102.9	100.6	104.8	113.2	113.2	108.9	118.3	130.1	134.6
Median	81.3	90.8	88.5	72.1	90.9	91.6	77.3	81.0	93.6	86.3	84.1	87.3	95.1	95.1	89.9	100.6	111.9	117.3
Lower quartile	70.3	78.7	75.4	60.7	77.8	79.2	64.5	67.3	78.0	71.9	69.8	71.1	78.5	79.2	72.3	84.0	94.4	100.6
5th percentile	55.4	63.4	60.5	48.5	63.0	63.7	51.7	53.8	58.6	56.8	54.8	54.6	58.7	59.0	52.6	59.7	71.7	73.3

Ratio of assets to buyout liabilities:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	74.1	78.0	84.0	75.7	79.6	78.4	79.2	88.1	91.6	88.9	89.4	93.1	99.7	101.4	101.8	104.0	109.4	127.2
Upper quartile	60.6	66.0	68.9	59.3	65.5	66.2	63.3	66.3	73.2	70.0	69.2	71.6	80.7	81.3	80.1	87.7	92.5	102.7
Median	52.3	57.3	59.0	49.8	57.1	58.7	54.0	56.0	62.4	59.4	58.0	59.4	67.1	68.2	67.3	74.3	80.8	90.2
Lower quartile	45.2	50.0	50.8	42.4	48.4	50.7	45.8	48.0	52.5	49.8	48.4	48.6	55.7	56.4	54.3	61.6	67.3	76.2
5th percentile	35.5	39.1	40.4	32.5	38.7	39.3	35.7	36.5	40.7	37.8	37.5	36.0	41.2	41.3	39.4	43.2	49.2	57.6

Ratio of TP liabilities to s.179 liabilities:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	154.3	160.0	154.2	146.9	154.9	152.6	151.2	151.3	146.8	138.2	139.3	140.4	140.8	143.7	139.3	146.2	153.3	142.0
Upper quartile	115.9	126.0	123.1	113.9	126.9	123.1	112.3	111.0	116.9	108.9	108.4	111.4	113.5	116.0	113.4	118.0	126.4	123.7
Median	101.4	110.2	108.4	99.3	110.8	107.9	97.3	95.7	101.8	95.9	94.2	95.7	99.6	102.0	99.4	104.3	113.0	112.8
Lower quartile	89.0	97.5	95.6	85.4	96.5	94.8	83.9	82.3	86.6	82.3	81.7	81.2	85.8	89.7	84.8	92.0	100.9	100.8
5th percentile	72.7	79.3	77.7	67.4	76.4	74.4	61.8	60.9	63.8	59.1	58.2	56.5	61.0	65.2	62.1	66.0	77.6	66.5

Ratio of TP liabilities to buyout liabilities:

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	87.2	89.8	97.4	94.2	94.8	90.4	91.4	93.6	91.9	90.4	91.7	91.6	94.2	96.3	98.3	98.7	100.0	102.5
Upper quartile	73.5	77.6	83.3	79.5	80.2	78.2	78.0	78.2	78.7	75.6	76.6	77.3	81.1	83.5	84.8	87.0	90.0	95.0
Median	66.1	69.9	73.5	71.8	71.9	71.1	70.0	69.7	71.8	68.1	68.2	68.7	73.3	75.5	77.0	79.9	82.8	88.4
Lower quartile	59.1	62.6	65.1	63.3	65.0	63.6	62.5	62.9	64.0	61.4	60.8	60.0	65.3	67.5	68.4	72.3	75.1	81.0
5th percentile	49.2	52.5	54.2	51.6	54.8	52.8	52.2	53.4	52.0	50.3	50.4	46.8	53.7	56.1	53.6	58.7	62.4	69.9

Table 2.3a: Average (unweighted) ratio of assets to TPs by scheme characteristics (schemes in surplus and deficit)

Unweighted average (%) - Tranche

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	85.3	86.5	85.9	76.8	82.4	88.5	82.1	82.7	90.1	90.5	89.5	89.7	95.2	93.3	90.1	94.3	98.9	109.2
100 to fewer than 500 members	82.3	86.5	85.9	72.0	81.6	87.2	79.5	81.6	89.0	87.2	85.2	88.0	91.5	89.7	87.0	92.0	95.4	100.9
500 to fewer than 1,000 members	81.6	88.5	85.7	70.4	82.2	87.8	80.0	81.9	88.1	89.0	85.9	87.1	92.6	90.2	87.7	94.2	97.7	98.0
1,000 to fewer than 5,000 members	84.9	88.0	86.8	73.6	83.0	88.6	81.0	82.4	89.6	88.9	86.8	89.1	94.1	92.0	90.3	96.7	98.3	101.9
5,000 members or more	89.0	91.7	90.1	76.3	84.1	90.1	81.8	85.3	91.4	88.7	88.5	92.7	94.8	95.4	95.6	97.1	102.7	106.5

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	86.1	86.8	86.6	77.8	83.5	90.1	83.9	84.4	91.6	90.5	92.1	91.0	94.9	95.3	92.0	94.8	101.6	112.5
£5m to less than £20m	82.1	86.4	84.9	72.3	81.2	86.3	80.2	80.7	87.6	88.8	86.0	87.5	94.1	89.7	86.7	93.2	95.3	103.4
£20m to less than £100m	82.4	87.7	86.0	71.4	82.1	88.2	79.3	81.1	89.8	88.4	84.6	88.4	91.8	90.1	87.7	92.6	95.7	99.9
£100m to less than £300m	84.7	88.1	89.1	73.2	83.8	88.8	79.8	83.4	89.5	87.9	86.9	88.9	93.1	90.6	89.9	94.6	97.6	101.3
£300m or greater	89.1	91.2	88.4	75.5	82.8	88.1	81.8	84.5	90.5	89.0	87.9	90.4	94.8	94.9	92.9	96.9	101.2	105.5

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	82.6	85.2	84.1	74.5	81.7	88.1	82.4	83.1	90.2	90.1	87.8	86.5	93.1	91.1	88.7	90.6	97.7	112.1
25% to less than 50%	83.5	87.6	86.1	71.6	81.5	87.4	78.7	80.8	88.4	87.1	85.6	88.0	91.7	90.7	87.6	93.6	96.7	103.4
50% to less than 75%	88.2	90.7	89.4	75.6	83.8	88.0	81.5	82.5	89.8	89.2	87.2	90.0	94.6	91.7	90.0	94.8	98.0	102.6
75% or greater	92.6	94.6	96.4	81.5	89.6	94.1	88.3	90.6	92.4	95.7	96.2	98.6	99.7	100.8	96.3	100.7	100.8	105.7

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	85.0	88.5	87.9	74.7	84.2	90.8	83.3	85.6	92.4	91.4	89.5	91.5	95.7	94.6	92.0	97.0	100.7	107.0
TP liabilities not reported for active members	81.1	83.7	82.1	72.4	79.2	83.9	77.9	78.8	86.2	86.9	85.4	87.0	92.3	90.2	87.3	92.9	96.5	102.7

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							81.1	81.6	88.4	87.7	85.1	84.9	88.3	87.6	84.8	85.9	89.8	87.6
Covenant group 2 (Tending to Strong)							78.6	79.3	84.7	83.6	83.0	84.5	85.1	85.8	83.0	87.3	87.8	88.8
Covenant group 3 (Tending to Weak)							76.1	78.5	82.5	81.9	80.3	82.1	82.7	80.1	80.6	83.0	84.1	84.2
Covenant group 4 (Weak)							74.5	75.1	78.6	78.1	76.6	76.2	77.8	77.0	75.9	78.7	79.9	81.9

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	84.9	86.4	87.3	78.3	84.4	88.4	86.2	87.1	90.6	89.6	89.3	89.7	89.8	90.0	87.9	90.1	90.5	89.5
5 to fewer than 7.5 years	78.7	82.5	81.8	73.1	80.9	82.8	79.6	79.1	84.6	84.1	83.5	82.5	83.5	82.6	81.6	82.8	82.3	84.5
7.5 to fewer than 10 years	78.4	80.0	79.6	71.0	78.0	80.2	76.0	77.8	80.5	80.1	79.6	79.2	78.7	78.5	75.7	77.1	80.1	77.3
10 years or more	76.0	76.7	74.5	66.5	73.2	76.0	69.7	70.4	76.6	74.3	72.4	72.6	72.8	69.3	67.2	68.8	65.9	72.1

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				74.6	83.1	89.1	81.8	83.1	90.3	89.7	88.2	89.9	94.9	93.0	90.2	95.4	98.7	105.8
At least one contingent asset				70.6	79.7	83.9	77.8	79.5	85.7	85.5	83.1	84.4	87.4	85.0	84.1	87.3	89.9	90.0

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	61.0	61.0	61.5	59.9	61.5	61.0	60.7	59.7	59.2	61.1	59.4	59.6	59.5	60.5	59.4	59.7	58.8	57.8
70% to less than 80%	75.2	75.4	75.5	74.7	75.3	75.5	75.2	75.4	75.5	75.4	75.5	75.8	75.5	75.8	75.6	75.7	75.6	75.9
80% to less than 90%	84.9	85.1	85.1	84.4	85.0	85.2	84.8	85.1	85.2	85.4	85.1	85.4	85.3	85.6	85.5	85.4	85.6	85.7
90% to less than 100%	94.6	94.4	94.5	94.3	94.3	94.5	94.0	94.4	94.7	94.6	94.7	94.8	95.1	95.0	95.0	95.1	95.5	95.2
100% or greater	111.5	110.9	110.3	111.5	110.7	110.5	109.6	109.3	109.4	109.2	110.1	109.9	109.9	109.6	108.7	109.5	110.5	115.1

Table 2.3b: Average (weighted) ratio of assets to TPs by scheme characteristics (schemes in surplus and deficit)

Weighted average (%) - Tranche

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	83.8	85.0	85.4	75.1	81.5	81.2	87.7	81.0	89.9	92.4	87.2	87.1	93.1	92.0	90.6	94.3	97.1	104.8
100 to fewer than 500 members	82.7	86.4	85.8	71.7	82.4	87.0	79.0	82.3	89.4	87.7	85.6	88.4	92.9	91.4	88.9	93.4	96.7	101.4
500 to fewer than 1,000 members	81.0	88.2	86.2	70.7	81.1	87.5	79.3	81.8	88.1	89.1	85.9	87.0	92.3	91.0	89.4	93.2	98.4	98.8
1,000 to fewer than 5,000 members	84.9	87.4	87.1	73.2	81.8	88.3	80.7	83.4	90.0	88.5	87.7	90.3	94.5	93.7	91.2	97.2	99.5	102.9
5,000 members or more	92.2	94.8	91.6	77.5	85.0	88.8	85.8	85.6	89.0	91.7	89.8	90.7	97.1	97.6	92.9	100.4	104.0	106.5

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	84.5	85.8	85.5	75.6	81.9	87.5	82.0	82.0	89.9	89.1	90.0	89.0	93.8	92.4	90.1	93.0	98.3	108.5
£5m to less than £20m	81.8	86.5	84.8	72.1	81.2	86.2	80.2	80.3	87.8	88.1	85.4	87.2	93.4	88.8	86.5	92.7	95.0	102.4
£20m to less than £100m	82.6	87.7	85.8	71.3	82.1	87.9	79.5	80.9	89.9	88.7	84.6	88.6	92.2	90.3	88.1	92.9	95.9	99.9
£100m to less than £300m	85.1	87.8	89.4	73.4	83.7	88.6	79.9	83.6	89.4	87.8	87.4	88.9	93.2	91.0	90.1	94.7	97.7	101.2
£300m or greater	91.9	94.5	91.1	77.3	84.5	88.1	85.5	85.3	89.1	91.5	89.4	90.6	96.8	97.0	92.7	99.9	103.1	106.3

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	82.0	87.6	89.6	72.8	82.9	90.0	82.6	85.5	87.9	95.9	88.4	93.2	96.6	90.9	93.9	99.2	94.0	99.0
25% to less than 50%	86.3	93.1	91.7	73.2	83.8	87.2	83.9	83.4	88.8	89.7	87.5	89.1	93.7	96.1	90.3	97.6	103.3	109.3
50% to less than 75%	95.4	94.1	88.4	79.8	84.2	89.4	84.8	85.7	90.0	91.2	90.4	92.1	99.2	96.3	93.7	100.3	102.0	103.5
75% or greater	99.5	99.4	87.3	85.4	89.5	86.5	91.5	94.9	87.4	99.7	91.4	93.6	106.2	99.3	99.1	103.2	103.0	104.5

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	90.5	93.3	90.6	76.6	84.5	88.6	85.2	85.5	89.7	91.6	89.8	91.0	96.5	97.7	92.7	101.0	103.4	106.9
TP liabilities not reported for active members	86.6	84.2	82.2	74.7	80.2	82.7	81.9	82.3	85.6	89.3	86.7	87.7	96.2	93.6	91.2	96.8	100.9	101.5

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							89.1	86.7	86.1	89.6	89.3	85.5	91.6	91.2	88.4	89.0	95.3	92.6
Covenant group 2 (Tending to Strong)							81.6	83.0	87.3	88.6	86.4	87.4	92.3	92.7	87.3	91.6	90.1	93.0
Covenant group 3 (Tending to Weak)							77.2	82.1	88.2	84.1	84.6	84.8	88.0	84.8	85.1	87.5	91.4	87.1
Covenant group 4 (Weak)							78.2	79.9	81.7	78.8	83.4	79.0	86.9	80.8	85.4	84.7	85.9	84.7

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	89.0	93.6	90.4	79.5	88.7	90.8	90.1	91.4	93.1	92.5	92.9	92.3	94.2	94.8	91.4	92.2	94.9	95.4
5 to fewer than 7.5 years	83.2	88.7	83.6	78.9	84.0	86.3	86.3	86.0	86.8	90.2	88.6	87.3	86.8	88.8	89.1	87.0	89.7	86.1
7.5 to fewer than 10 years	86.3	85.2	84.8	75.3	82.2	89.0	84.8	81.7	82.2	87.2	84.9	82.6	90.1	86.0	83.9	90.6	88.3	84.0
10 years or more	83.8	81.9	77.1	72.3	81.1	82.1	75.6	79.5	85.5	80.2	82.7	83.8	87.8	77.5	84.0	68.6	74.0	90.4

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				78.0	85.6	89.3	85.4	85.1	90.7	91.2	89.1	92.2	97.5	97.8	94.2	101.3	102.8	107.1
At least one contingent asset				74.3	82.4	87.0	83.5	84.3	85.6	90.5	88.7	87.2	92.7	92.3	89.2	93.2	100.3	96.3

Funding level (TPs)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	64.1	65.9	65.0	64.5	64.9	62.4	63.6	63.2	63.8	60.7	61.2	62.8	62.6	62.2	63.0	60.9	61.5	57.9
70% to less than 80%	76.3	76.1	76.3	75.6	76.0	77.3	75.5	75.7	75.4	75.2	75.9	75.7	75.6	76.3	75.8	76.3	76.4	76.3
80% to less than 90%	85.5	85.2	85.1	84.9	85.2	85.2	85.2	84.7	86.1	85.2	85.3	84.8	86.7	86.0	85.5	86.0	85.6	85.3
90% to less than 100%	93.7	94.9	94.0	93.3	94.5	93.0	94.3	93.5	93.9	94.6	94.3	95.1	95.5	95.4	93.9	94.7	96.4	94.1
100% or greater	109.0	105.3	103.7	104.9	104.3	105.1	101.7	104.2	105.6	105.9	103.8	106.7	106.7	106.3	107.3	105.7	107.7	111.9

Table 2.4: Average ratio of TP liabilities to buyout liabilities by scheme characteristics (schemes in surplus and deficit)

Unweighted average (%) - Tranche

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	69.8	72.8	75.7	75.0	75.7	75.7	73.3	74.8	74.3	70.5	71.5	71.6	74.2	76.4	77.0	79.2	81.7	88.4
100 to fewer than 500 members	66.0	69.3	72.4	70.9	72.3	70.4	69.2	68.7	70.8	67.6	67.8	67.5	72.2	74.6	75.6	79.0	82.7	87.9
500 to fewer than 1,000 members	66.6	69.4	73.3	71.4	71.6	69.8	69.2	68.8	69.5	68.4	69.1	66.0	74.4	76.1	74.8	81.2	84.7	87.9
1,000 to fewer than 5,000 members	66.3	71.2	76.3	72.0	72.7	70.1	70.9	70.5	69.7	69.5	68.7	68.5	74.0	76.3	78.3	80.7	82.0	86.8
5,000 members or more	69.8	73.6	80.1	73.9	75.2	72.6	72.4	71.9	71.5	71.4	69.6	71.8	76.4	78.5	78.9	81.4	83.3	83.7

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	68.8	71.6	74.2	73.9	75.3	75.5	72.6	75.0	73.6	69.4	71.6	71.1	72.1	76.3	76.3	78.0	79.7	88.1
£5m to less than £20m	66.2	70.0	73.3	71.7	72.7	71.9	70.6	69.9	71.7	68.9	68.0	68.8	73.9	74.2	74.6	79.1	81.6	87.8
£20m to less than £100m	67.1	70.1	74.3	71.6	73.1	70.4	69.7	69.8	70.5	67.9	69.0	67.9	72.7	75.6	76.6	79.7	83.1	87.8
£100m to less than £300m	66.6	72.4	76.4	73.1	73.0	70.6	71.7	71.1	70.9	70.7	70.0	68.4	74.8	77.2	77.3	80.5	84.9	87.1
£300m or greater	71.5	74.3	80.9	75.2	75.3	73.6	73.2	71.2	72.5	71.3	70.1	71.4	76.7	77.9	79.8	81.9	84.1	86.8

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	64.6	68.3	71.5	69.6	71.3	70.5	67.9	69.6	69.8	65.7	66.8	65.4	68.3	72.0	71.4	73.6	75.3	85.7
25% to less than 50%	67.4	70.9	74.2	71.8	72.8	70.5	69.1	69.1	69.3	67.2	67.0	66.7	71.3	73.7	74.1	76.9	80.6	84.2
50% to less than 75%	75.1	77.3	81.1	78.2	78.5	76.8	75.9	75.2	75.4	73.8	72.8	73.7	78.3	78.9	79.7	83.3	85.0	88.8
75% or greater	84.4	87.7	91.1	87.7	86.2	86.2	89.0	87.9	85.3	85.5	86.6	82.2	87.5	88.2	87.0	91.4	90.5	93.7

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	66.8	70.4	74.7	71.9	73.3	71.2	70.3	70.5	70.1	68.4	68.1	66.7	71.8	73.3	73.1	77	80.5	83.8
TP liabilities not reported for active members	70.8	72.9	74.6	74.6	74.6	74.3	72.2	72.1	73.5	70.1	70.5	71.1	74.9	77.3	78.7	80.9	83.3	89.5

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							70.1	71.0	70.3	70.5	69.0	68.9	71.9	74.0	74.8	77.1	78.1	84.6
Covenant group 2 (Tending to Strong)							70.1	69.5	70.8	68.5	69.4	67.5	71.4	74.0	75.1	77.3	80.9	84.6
Covenant group 3 (Tending to Weak)							69.4	69.8	70.8	67.2	67.6	67.2	70.7	73.0	75.9	77.4	78.6	84.4
Covenant group 4 (Weak)							69.6	71.5	72.3	67.7	68.8	68.6	73.7	72.8	75.0	76.9	79.6	84.1

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	69.1	71.6	75.3	73.3	75.0	72.6	72.6	73.3	73.3	70.3	70.6	70.4	73.0	74.9	76.5	78.4	79.9	84.7
5 to fewer than 7.5 years	68.6	70.8	75.0	74.2	74.2	72.2	70.8	70.4	72.3	68.4	67.3	67.9	71.3	73.7	73.3	76.2	78.7	83.7
7.5 to fewer than 10 years	66.3	70.1	74.7	72.2	71.5	71.6	69.4	68.4	69.6	66.9	68.2	65.5	69.6	73.2	72.5	74.3	77.2	81.8
10 years or more	66.3	70.6	73.6	70.4	71.8	69.3	69.2	68.9	68.5	66.4	67.8	64.8	70.0	70.9	73.4	74.6	81.4	84.6

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				73.1	73.9	72.6	71.4	71.3	71.7	69.4	69.5	69.1	73.9	75.9	76.7	80.2	82.6	88.0
At least one contingent asset				71.2	73.4	71.7	70.8	71.2	72.3	69.1	69.7	69.6	72.9	75.9	75.9	77.3	81.8	84.8

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	70.3	74.9	78.8	72.3	75.1	73.4	71.6	72.7	75.0	69.7	71.3	68.5	72.2	73.6	74.3	77.7	79.9	83.4
70% to less than 80%	66.6	70.3	74.0	71.7	71.9	71.7	70.2	68.9	71.2	67.6	65.8	67.0	69.7	72.4	71.7	74.3	79.8	84.8
80% to less than 90%	66.5	69.4	74.0	71.8	72.4	71.7	70.2	69.6	70.0	68.0	68.0	66.8	71.5	72.7	75.3	76.4	78.7	83.1
90% to less than 100%	66.5	70.3	73.4	74.1	74.3	70.2	71.4	71.0	71.1	68.9	70.5	68.6	72.6	75.6	76.6	78.5	80.9	85.6
100% or greater	69.6	72.3	74.3	80.4	78.3	75.9	75.2	76.7	73.3	72.0	72.4	73.8	77.1	80.5	81.4	83.9	85.6	89.6

Table 2.5: Use of contingent assets (schemes in surplus and deficit, tranche 17 only)

All contingent assets

	Number of schemes (holding at least one)	Percentage of schemes (holding at least one)
PPF-recognised contingent asset	52	3.2
Contingent asset reported in support of funding (non-PPF-recognised)	127	7.7
All contingent assets	175	10.7

PPF recognised

	Number of schemes (holding at least one)	Percentage of schemes (holding at least one)
Type A	29	1.8
Type B and C	23	1.4

Non-PPF recognised (schemes in deficit only)

	Number of schemes (holding at least one)	Percentage of schemes (holding at least one)
Parental guarantee	79	4.8
Escrow, cash or charge over other asset (including property), or other (eg letter of credit)	65	4.0

10.7 % of tranche 18 schemes hold at least one contingent asset.

PPF-recognised contingent assets fall into three categories:

• Type A: guarantees provided by the parent/group companies to fund the scheme, most commonly guarantees to cover a pre-arranged percentage of liabilities.
• Type B: includes security over cash, UK real estate and securities.
• Type C: includes letters of credit and bank guarantees.

There are some cases in which a contingent asset that is reported in the recovery plan has not been formally recognised by the PPF in support of the scheme’s levy calculation. These contingent assets may, for example, take the form of security over property, escrow accounts or parental/group guarantees, and are referred to here as non-PPF-recognised.

Table 2.6: Use of contingent assets by scheme characteristics (schemes in surplus and deficit, tranche 18 only)

Percentage of schemes (%)

Size by number of members

	PPF-recognised	Non-PPF-recognised	All contingent assets
Fewer than 100 members	1.9	4.0	5.7
100 to fewer than 500 members	3.2	7.7	10.8
500 to fewer than 1,000 members	4.4	12.0	15.8
1,000 to fewer than 5,000 members	4.0	13.2	17.2
5,000 members or more	6.7	10.5	16.2

Size by TP liabilities

	PPF-recognised	Non-PPF-recognised	All contingent assets
Less than £5m	2.1	3.4	5.2
£5m to less than £20m	2.0	6.3	8.3
£20m to less than £100m	3.0	8.0	10.8
£100m to less than £300m	6.8	14.6	21.0
£300m or greater	4.1	10.5	14.0

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	PPF-recognised	Non-PPF-recognised	All contingent assets
Less than 25%	2.1	6.2	7.6
25% to less than 50%	3.4	7.7	10.5
50% to less than 75%	3.4	8.8	12.2
75% or greater	2.6	4.7	7.4

Presence of active members

	PPF-recognised	Non-PPF-recognised	All contingent assets
TP liabilities reported for active members	3.4	6.4	9.5
TP liabilities not reported for active members	3.1	8.4	11.2

Covenant (schemes in deficit only)

	PPF-recognised	Non-PPF-recognised	All contingent assets
Covenant group 1 (Strong)	6.7	14.6	19.1
Covenant group 2 (Tending to Strong)	3.2	18.6	21.5
Covenant group 3 (Tending to Weak)	5.7	27.4	32.1
Covenant group 4 (Weak)	2.6	23.3	25.9

RP length (schemes in deficit only)

	PPF-recognised	Non-PPF-recognised	All contingent assets
Fewer than 5 years	3.2	19.4	22.0
5 to fewer than 7.5 years	5.4	18.8	24.1
7.5 to fewer than 10 years	7.3	29.3	34.1
10 years or more	2.9	28.6	31.4

Presence of contingent assets

	PPF-recognised	Non-PPF-recognised	All contingent assets
No contingent asset	0.0	0.0	0.0
At least one contingent asset	29.7	72.6	100.0

Funding level (TP liabilities)

	PPF-recognised	Non-PPF-recognised	All contingent assets
Less than 70%	3.4	18.6	20.3
70% to less than 80%	5.1	20.3	22.8
80% to less than 90%	2.7	24.9	27.6
90% to less than 100%	4.7	18.1	22.4
100% or greater	2.7	0.0	2.7

Table 2.7: Schemes’ use of contingent assets (schemes in surplus and deficit, tranches 4-18)

Tranche (percentage of schemes)

All contingent assets

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Schemes with at least one PPF-recognised contingent asset	8.0	14.1	11.9	11.9	12.6	10.5	10.1	9.4	8.0	8.8	5.8	5.7	5.9	4.7	3.2
Schemes with at least one contingent asset reported in support of funding (non-PPF-recognised)	7.7	6.9	6.6	10.8	7.6	7.2	8.4	10.0	9.6	9.4	10.3	13.0	9.8	6.8	7.7
Schemes with at least one contingent asset	15.4	20.3	18.0	21.1	19.3	16.7	18.2	18.9	17.2	17.9	15.9	18.3	15.6	11.4	10.7

PPF recognised

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Type A	6.6	12.7	10.6	10.2	10.9	9.1	8.3	7.9	6.5	6.8	4.5	4.5	4.3	3.2	1.8
Type B and C	1.5	1.7	1.4	1.8	2.0	1.5	2.0	1.8	1.7	2.1	1.4	1.4	1.7	1.6	1.4

Non-PPF recognised (schemes in deficit only)

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Parental guarantee	4.2	4.2	3.6	5.1	4.2	4.4	5.3	6.2	5.8	5.9	6.8	8.6	6.1	4.3	4.8
Escrow, cash or charge over other asset (including property), or other (eg letter of credit)	3.8	2.8	3.1	5.9	3.6	3.3	3.7	4.4	4.8	4.2	4.5	6.4	4.6	3.2	4.0

Recovery plans and contributions

Table 3.1: Distribution of recovery plan lengths (schemes in deficit only)

RP length (years) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	15.0	15.0	17.0	19.8	17.4	15.9	18.0	17.6	18.7	16.9	16.5	16.0	14.8	14.8	14.7	13.1	12.3	10.3
Upper quartile	10.0	10.0	10.0	12.0	10.0	10.0	11.0	11.0	10.3	10.3	10.3	9.8	8.8	8.1	8.1	7.2	6.1	6.0
Median	8.8	8.0	8.8	9.4	8.3	7.2	7.9	8.1	7.1	6.6	7.3	6.6	5.5	5.2	5.3	5.0	3.9	3.8
Lower quartile	5.0	5.0	5.1	6.8	5.0	4.4	5.0	5.0	4.2	4.0	4.3	4.0	3.3	3.0	3.2	2.9	2.0	1.9
5th percentile	1.6	1.2	2.0	2.5	1.7	1.1	1.7	1.2	1.0	1.2	1.2	1.0	0.9	0.9	1.0	0.9	0.5	0.3

Table 3.2: Distribution of recovery plan lengths (for schemes in deficit submitting valuations in respect of both tranches 15 and 18)

RP length (years) - Tranche

	15	18
95th percentile	17.2	10.9
Upper quartile	10.0	6.0
Median	7.0	3.8
Lower quartile	5.0	1.9
5th percentile	2.2	0.3

Table 3.3: Average recovery plan length by scheme characteristics (schemes in deficit only)

RP length (years) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	8.1	7.7	8.6	9.7	8.5	7.8	8.5	8.5	8.0	7.5	7.9	7.4	6.5	6.2	6.3	5.7	4.7	4.4

Size by number of members 

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	8.0	8.0	8.2	8.9	8.1	7.5	8.3	8.3	7.7	6.9	7.1	7.3	5.8	5.7	6.3	5.6	4.4	4.6
100 to fewer than 500 members	8.2	7.9	9.0	10.1	8.6	7.9	8.8	8.4	8.4	7.9	7.9	7.7	6.8	6.6	6.6	5.8	5.1	4.3
500 to fewer than 1,000 members	8.1	7.5	8.3	9.8	8.2	7.8	7.9	8.7	7.8	6.7	7.9	7.4	6.8	6.1	6.4	5.5	5.1	4.5
1,000 to fewer than 5,000 members	8.1	7.2	8.9	9.9	8.9	8.1	8.6	9.3	8.0	7.9	8.7	7.0	6.3	6.2	5.6	5.4	4.8	4.1
5,000 members or more	7.8	7.2	8.1	10.5	8.9	8.1	9.1	8.8	8.1	8.7	8.8	6.9	7.4	5.8	6.1	5.7	3.8	5.0

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	8.0	7.9	8.6	8.9	8.1	7.6	8.4	8.3	8.0	6.8	6.5	7.7	5.8	5.3	6.1	5.4	3.7	4.4
£5m to less than £20m	8.3	8.1	8.9	10.0	8.6	8.1	8.9	8.6	8.5	7.8	8.1	7.9	6.8	6.4	7.1	6.4	4.9	4.7
£20m to less than £100m	8.2	7.4	8.4	9.9	8.4	7.5	8.3	8.4	7.8	7.3	8.1	7.2	6.4	6.6	6.0	5.4	5.1	4.2
£100m to less than £300m	7.5	6.9	8.4	9.7	8.6	7.8	8.2	8.9	7.7	7.3	7.9	7.0	6.7	6.2	6.0	5.6	5.1	4.2
£300m or greater	7.9	7.3	8.4	10.6	9.0	8.1	9.0	8.9	8.0	8.5	8.3	6.8	6.7	5.7	5.8	5.4	4.5	4.3

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	8.0	7.5	8.3	8.8	7.7	7.4	8.0	8.1	7.3	6.8	6.8	7.2	5.8	5.3	5.9	5.8	3.5	2.9
25% to less than 50%	8.2	7.9	8.8	10.5	8.8	7.8	9.0	8.7	8.3	7.9	8.1	7.7	7.0	6.4	6.6	5.6	4.7	4.5
50% to less than 75%	8.4	8.2	8.8	9.9	9.0	8.3	8.6	8.9	8.3	7.5	8.2	7.1	6.1	6.5	6.1	5.8	5.3	4.5
75% or greater	6.9	7.1	7.7	9.3	8.1	7.9	7.0	7.1	7.0	6.9	7.5	6.5	6.6	5.3	6.0	5.5	4.4	4.6

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	8.0	7.4	8.2	9.5	8.1	7.4	8.1	8.2	8.0	7.2	7.6	7.1	6.0	5.9	5.8	5.3	4.0	4.2
TP liabilities not reported for active members	8.4	8.6	9.4	10.1	9.1	8.4	9.1	8.9	8.0	7.7	8.1	7.6	6.7	6.3	6.6	5.8	5.0	4.5

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							6.4	6.9	6.3	5.6	5.9	5.6	5.0	4.2	4.9	4.5	3.3	3.3
Covenant group 2 (Tending to Strong)							8.1	7.9	7.4	6.8	7.2	6.6	5.5	5.5	5.4	4.7	4.0	3.7
Covenant group 3 (Tending to Weak)							9.4	9.0	9.0	8.4	8.6	8.0	7.3	7.2	7.0	6.6	5.5	6.1
Covenant group 4 (Weak)							10.9	10.1	9.5	9.8	10.2	10.2	9.1	9.9	9.6	7.7	7.1	5.5

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	3.2	3.1	3.3	3.2	3.1	3.0	3.1	3.0	2.9	3.1	2.9	3.1	2.9	2.9	2.9	2.9	2.5	2.5
5 to fewer than 7.5 years	6.2	6.3	6.3	6.5	6.3	6.3	6.3	6.3	6.2	6.3	6.2	6.2	6.2	6.2	6.1	6.0	6.0	6.1
7.5 to fewer than 10 years	9.3	9.2	9.2	9.2	9.1	8.9	9.0	9.0	8.8	8.8	8.9	8.8	8.8	8.7	8.7	8.7	8.8	8.7
10 years or more	13.2	14.4	14.9	14.8	14.3	14.0	14.5	14.4	14.7	14.1	14.1	14.5	14.1	14.3	15.1	14.2	13.7	14.1

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				9.6	8.3	7.6	8.5	8.4	8.0	7.5	7.7	7.3	6.3	6.0	6.3	5.5	4.7	4.3
At least one contingent asset				10.5	9.0	8.6	8.7	9.0	8.3	7.6	8.3	7.6	6.9	6.6	6.2	6.2	4.7	4.8

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	9.5	9.6	11.4	11.1	10.7	11.7	12.3	11.9	13.3	12.3	12.4	12.2	10.7	10.8	10.4	10.2	9.9	8.9
70% to less than 80%	8.6	8.6	9.5	9.3	9.4	9.2	9.1	9.3	10.0	9.4	9.3	8.5	9.1	8.2	7.3	7.7	6.4	5.7
80% to less than 90%	7.9	7.8	8.1	8.2	7.4	7.1	6.7	7.4	7.8	7.0	7.3	7.1	5.8	5.6	5.4	5.0	4.6	4.6
90% to less than 100%	6.3	5.8	6.0	6.1	6.0	5.5	4.8	4.9	5.2	4.7	4.6	4.5	4.0	3.6	3.9	3.7	3.1	2.9

Table 3.4: Average annual contributions as a percentage of TPs liabilities by scheme characteristics (schemes in deficit only)

Ratio Percent (%) - Tranche

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	3.1	2.8	2.7	2.7	2.2	2.2	2.2	2.3	2.1	2.2	2.2	1.9	2.0	2.3	2.5

Size by number of members

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	3.6	3.5	3.2	3.3	2.8	3.0	2.8	2.9	2.6	2.8	2.7	2.2	2.4	3.1	2.9
100 to fewer than 500 members	3.0	2.7	2.6	2.7	2.2	2.1	2.1	2.2	2.0	2.3	2.1	1.9	1.9	1.9	2.6
500 to fewer than 1,000 members	3.0	2.7	2.3	2.6	1.9	2.0	2.0	2.0	2.0	1.9	1.9	1.8	1.9	1.5	2.3
1,000 to fewer than 5,000 members	2.8	2.3	2.2	2.3	1.7	1.7	1.7	1.8	1.6	1.8	1.6	1.4	1.5	2.1	1.8
5,000 members or more	2.3	2.0	1.8	1.8	1.4	1.4	1.6	1.5	1.3	1.3	1.5	1.4	1.3	1.8	1.8

Size by TP liabilities

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	3.8	3.5	3.6	3.6	3.1	3.4	3.3	3.4	3.2	3.6	3.2	2.8	3.1	5.2	3.3
£5m to less than £20m	3.0	2.9	2.6	2.7	2.4	2.3	2.2	2.3	2.0	2.1	2.3	1.9	1.9	1.8	2.6
£20m to less than £100m	3.0	2.5	2.4	2.7	2.0	2.0	2.0	2.1	2.0	2.2	2.0	2.0	1.9	1.8	2.4
£100m to less than £300m	2.7	2.4	2.2	2.4	1.7	1.8	2.0	2.0	1.7	1.6	1.9	1.5	1.7	1.4	2.0
£300m or greater	2.4	2.1	2.0	2.0	1.5	1.6	1.5	1.7	1.5	1.5	1.6	1.4	1.4	1.4	1.7

Maturity (ratio of pensioner TP liabilities to total TP liabilities)**

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	3.7	3.5	3.3	3.4	2.7	2.9	2.8	3.3	3.0	3.3	3.2	2.6	2.9	5.4	4.2
25% to less than 50%	2.8	2.6	2.5	2.6	2.1	2.1	2.1	2.2	1.9	1.8	2.0	1.8	1.9	1.7	2.5
50% to less than 75%	2.6	2.3	2.2	2.3	1.9	2.0	1.9	1.9	1.8	2.1	1.9	1.7	1.6	1.7	2.2
75% or greater	2.4	2.3	2.4	2.2	2.4	2.1	1.8	1.7	1.9	2.4	1.7	2.0	1.9	1.7	2.7

Presence of active members

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	3.0	2.7	2.5	2.7	2.0	1.9	2.0	2.2	1.9	2.2	1.8	1.6	1.7	2.9	2.3
TP liabilities not reported for active members	3.3	3.0	2.9	2.8	2.5	2.6	2.3	2.4	2.3	2.2	2.4	2.1	2.1	2.1	2.5

Covenant (schemes in deficit only)

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)				2.9	2.4	2.1	2.0	2.3	2.4	2.0	2.1	1.9	2.4	2.3	2.6
Covenant group 2 (Tending to Strong)				2.6	2.3	2.2	2.3	2.4	2.1	2.4	2.1	1.9	1.8	2.4	2.2
Covenant group 3 (Tending to Weak)				2.5	2.1	2.1	2.1	2.2	1.8	2.0	2.3	1.8	2.0	1.7	2.2
Covenant group 4 (Weak)				2.5	2.2	2.6	2.3	2.4	2.2	2.4	1.9	1.9	2.1	2.3	3.1

RP length (schemes in deficit only)

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	4.2	3.7	3.0	3.4	2.4	2.4	2.5	2.6	2.3	2.4	2.3	1.9	1.9	2.5	2.6
5 to fewer than 7.5 years	3.8	3.0	3.1	3.0	2.6	2.4	2.3	2.5	2.4	2.3	2.3	2.0	2.2	2.4	2.3
7.5 to fewer than 10 years	3.1	2.5	2.5	2.6	2.2	2.4	2.2	2.2	2.1	2.1	2.1	2.0	2.1	1.8	2.2
10 years or more	2.2	2.1	2.0	2.1	1.9	1.8	1.8	1.8	1.6	1.7	1.9	1.6	1.7	1.9	1.9

Presence of contingent assets

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset	3.1	2.9	2.7	2.8	2.3	2.3	2.3	2.3	2.2	2.3	2.3	1.9	2.1	2.4	2.5
At least one contingent asset	2.9	2.7	2.5	2.5	2.1	2.0	2.0	2.2	1.9	1.9	2.0	1.9	1.8	1.9	2.3

Funding level (TP liabilities)

	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	3.9	4.3	4.4	3.7	3.4	4.4	3.9	3.9	3.7	4.9	3.7	3.2	4.0	3.7	5.1
70% to less than 80%	3.0	3.3	3.3	3.1	2.5	2.8	2.7	2.8	2.8	2.8	3.0	2.6	2.9	2.9	3.9
80% to less than 90%	2.1	2.4	2.7	2.4	1.9	2.2	2.2	2.3	2.0	2.3	2.3	1.8	2.2	2.0	2.9
90% to less than 100%	1.0	1.1	1.3	1.3	0.9	1.1	1.1	1.1	1.0	1.0	1.1	0.8	0.9	0.9	1.2

Discount rates

Table 4.1: Average nominal discount rate and outperformance by tranche (tranches 1-7: schemes in deficit only, tranches 8-18: all schemes)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Pre and post-retirement rates (a)	5.018	5.355	5.629	5.273	5.248	5.108	4.186	3.966	4.337	3.389	3.237	2.740	2.596	2.446	1.971	1.917	2.268	4.414
Pre-retirement rate (b)	6.134	6.303	6.441	6.106	6.111	6.049	5.074	4.917	5.269	4.295	4.148	3.590	3.545	3.317	2.775	2.787	3.197	5.119
Post-retirement rate (b)	4.632	4.927	5.056	4.725	4.763	4.700	3.652	3.496	3.931	2.871	2.766	2.269	2.201	2.096	1.666	1.708	2.134	4.285
SEDR (c)	5.527	5.758	5.898	5.516	5.531	5.454	4.356	4.149	4.576	3.462	3.324	2.787	2.692	2.510	2.033	2.035	2.455	4.619
SEDR (all schemes) (d)	5.506	5.635	5.829	5.448	5.454	5.369	4.305	4.091	4.498	3.431	3.281	2.747	2.616	2.427	1.914	1.876	2.282	4.425
SEDR outperformance over 20-year UK gilt (e)	1.368	1.185	1.242	1.067	0.888	0.964	1.050	0.996	0.924	0.971	0.905	0.900	0.765	0.726	0.921	0.683	0.479	0.317
SEDR outperformance over 15-year UK gilt (f)	1.268	0.999	1.151	1.324	0.959	1.136	1.438	1.430	1.117	1.228	1.206	1.13	0.902	0.931	1.104	0.847	0.538	0.423
SEDR outperformance over greater than 15 year AA UK corporate bonds (g)	0.579	0.286	-0.644	-1.33	-0.054	-0.077	-0.301	0.014	0.206	0.117	-0.088	0.22	0.002	-0.085	-0.03	0.05	-0.334	-0.429

1. Single rates provided
2. Different rates provided
3. Composite of pre- and post-retirement rates where different rates are provided
4. Combined single and different rates
5. Source: Thomson Reuters, Bank of England
6. Source: Thomson Reuters, Markit Iboxx

Table 4.2: Average real discount rate and outperformance by tranche (tranches 1-7: schemes in deficit only, tranches 8-18: all schemes)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Pre and post-retirement rates (a)	2.030	2.145	2.090	2.084	1.649	1.549	0.968	0.681	0.863	0.194	0.115	-0.649	-0.724	-0.964	-1.013	-1.413	-1.476	0.871
Pre-retirement rate (b)	3.116	3.042	2.851	2.940	2.495	2.479	1.885	1.670	1.813	1.102	1.022	0.227	0.188	-0.107	-0.196	-0.613	-0.554	1.561
Post-retirement rate (b)	1.656	1.708	1.512	1.600	1.192	1.176	0.507	0.29	0.518	-0.28	-0.321	-1.051	-1.110	-1.288	-1.272	-1.656	-1.580	0.755
SEDR (c)	2.328	2.300	2.096	2.152	1.700	1.675	1.005	0.749	0.950	0.131	0.079	-0.643	-0.725	-0.981	-0.975	-1.400	-1.355	0.932
SEDR (all schemes) (d)	2.254	2.253	2.094	2.134	1.687	1.645	0.990	0.732	0.927	0.151	0.085	-0.678	-0.773	-1.045	-1.112	-1.545	-1.512	0.823
Real SEDR Outperformance against 20 year index linked gilts (e)	1.061	0.979	1.134	1.049	0.832	0.906	1.011	0.975	0.892	0.983	0.992	1.071	0.879	0.915	1.130	0.853	0.608	0.318

1. Single rates provided
2. Different rates provided
3. Composite of pre- and post-retirement rates where different rates are provided
4. Combined single and different rates
5. Source: Thomson Reuters, Bank of England

Table 4.3: Average nominal SEDR by scheme characteristics (tranches 1-7: schemes in deficit only, tranches 8-18)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	5.507	5.635	5.829	5.448	5.454	5.369	4.305	4.091	4.498	3.431	3.281	2.747	2.617	2.427	1.914	1.876	2.282	4.425

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	5.184	5.432	5.550	5.251	5.195	5.071	4.067	3.843	4.237	3.333	3.201	2.696	2.642	2.458	1.980	2.014	2.294	4.344
100 to fewer than 500 members	5.834	5.720	5.939	5.458	5.506	5.444	4.378	4.189	4.572	3.538	3.369	2.845	2.703	2.483	1.923	1.862	2.289	4.387
500 to fewer than 1,000 members	5.440	5.833	5.991	5.533	5.711	5.559	4.488	4.277	4.658	3.466	3.290	2.766	2.550	2.354	1.842	1.740	2.315	4.522
1,000 to fewer than 5,000 members	5.435	5.725	5.976	5.619	5.586	5.606	4.487	4.204	4.725	3.422	3.294	2.668	2.538	2.366	1.838	1.732	2.225	4.507
5,000 members or more	5.406	5.648	5.941	5.645	5.678	5.656	4.427	4.307	4.768	3.352	3.213	2.617	2.402	2.203	1.797	1.844	2.213	4.748

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	5.149	5.419	5.533	5.216	5.151	5.020	3.997	3.755	4.159	3.284	3.129	2.640	2.624	2.402	2.041	2.102	2.330	4.337
£5m to less than £20m	5.487	5.708	5.875	5.461	5.470	5.320	4.291	4.101	4.475	3.491	3.380	2.871	2.746	2.568	2.045	1.956	2.356	4.394
£20m to less than £100m	5.441	5.771	5.956	5.528	5.615	5.531	4.425	4.243	4.624	3.537	3.359	2.810	2.670	2.447	1.858	1.871	2.249	4.403
£100m to less than £300m	6.985	5.677	5.970	5.582	5.534	5.613	4.387	4.200	4.679	3.409	3.227	2.644	2.564	2.369	1.824	1.789	2.287	4.531
£300m or greater	5.358	5.695	5.959	5.619	5.670	5.536	4.445	4.253	4.668	3.321	3.183	2.599	2.363	2.223	1.778	1.678	2.159	4.592

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	5.280	5.493	5.642	5.297	5.312	5.133	4.205	3.992	4.265	3.388	3.185	2.698	2.664	2.434	2.033	2.150	2.401	4.327
25% to less than 50%	5.473	5.786	6.000	5.571	5.561	5.506	4.431	4.219	4.654	3.522	3.363	2.836	2.693	2.525	1.940	1.933	2.316	4.573
50% to less than 75%	6.413	5.735	5.865	5.506	5.516	5.416	4.270	4.048	4.510	3.381	3.314	2.679	2.531	2.333	1.826	1.738	2.241	4.424
75% or greater	4.750	5.292	5.391	5.050	4.965	5.033	3.776	3.444	4.067	2.992	2.798	2.557	2.311	2.167	2.046	1.691	2.126	4.114

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	5.585	5.684	5.905	5.529	5.533	5.491	4.416	4.196	4.629	3.511	3.374	2.874	2.700	2.548	2.105	2.011	2.353	4.705
TP liabilities not reported for active members	5.229	5.508	5.658	5.268	5.321	5.195	4.166	3.978	4.357	3.361	3.212	2.650	2.566	2.360	1.780	1.816	2.251	4.289

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							4.410	4.128	4.708	3.371	3.223	2.729	2.668	2.529	1.846	1.844	2.137	4.399
Covenant group 2 (Tending to Strong)							4.372	4.194	4.547	3.446	3.271	2.796	2.681	2.474	1.837	1.887	2.324	4.326
Covenant group 3 (Tending to Weak)							4.327	4.146	4.537	3.470	3.344	2.776	2.602	2.385	1.716	1.650	2.323	4.272
Covenant group 4 (Weak)							4.201	3.957	4.348	3.406	3.270	2.688	2.491	2.428	1.825	1.867	2.029	4.363

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	5.822	5.581	5.747	5.352	5.361	5.335	4.200	3.982	4.399	3.368	3.169	2.657	2.585	2.425	1.782	1.840	2.229	4.298
5 to fewer than 7.5 years	5.321	5.640	5.874	5.363	5.422	5.340	4.308	4.128	4.492	3.489	3.337	2.755	2.677	2.487	1.959	1.725	2.353	4.462
7.5 to fewer than 10 years	5.436	5.644	5.846	5.497	5.547	5.340	4.429	4.215	4.559	3.523	3.365	2.839	2.597	2.417	1.954	1.987	2.236	4.428
10 years or more	5.405	5.731	5.870	5.494	5.481	5.465	4.328	4.161	4.664	3.445	3.359	2.883	2.719	2.444	1.819	1.816	2.117	4.244

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				5.416	5.413	5.337	4.275	4.070	4.481	3.421	3.289	2.753	2.614	2.430	1.918	1.879	2.279	4.426
At least one contingent asset				5.606	5.593	5.483	4.404	4.177	4.577	3.474	3.252	2.719	2.626	2.414	1.895	1.864	2.302	4.417

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	5.075	5.318	5.490	5.369	5.225	5.036	4.134	3.853	4.212	3.220	3.146	2.64	2.558	2.449	1.771	1.786	2.030	4.403
70% to less than 80%	5.373	5.620	5.844	5.542	5.519	5.312	4.336	4.200	4.471	3.434	3.378	2.778	2.644	2.450	1.862	1.858	2.148	4.285
80% to less than 90%	5.865	5.695	5.933	5.500	5.539	5.406	4.412	4.216	4.577	3.467	3.380	2.801	2.630	2.461	1.772	1.877	2.317	4.271
90% to less than 100%	5.549	5.745	5.926	5.450	5.495	5.53	4.323	4.168	4.598	3.500	3.212	2.783	2.640	2.419	1.959	1.791	2.276	4.372
100% or greater								3.885	4.431	3.409	3.237	2.691	2.599	2.398	2.081	1.960	2.325	4.481

Table 4.4: Average outperformance of the nominal SEDR over gilt yields (20-year for tranches 1–17, 15-year for tranche 18) by scheme characteristics

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	1.368	1.185	1.242	1.068	0.888	0.964	1.050	0.996	0.924	0.971	0.905	0.900	0.765	0.726	0.921	0.684	0.479	0.423

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	1.041	0.988	0.965	0.852	0.649	0.679	0.828	0.734	0.667	0.854	0.820	0.839	0.782	0.735	0.962	0.800	0.512	0.325
100 to fewer than 500 members	1.692	1.273	1.342	1.057	0.943	1.029	1.127	1.089	1.001	1.074	0.999	1.003	0.852	0.799	0.952	0.686	0.436	0.401
500 to fewer than 1,000 members	1.304	1.356	1.406	1.188	1.139	1.159	1.235	1.184	1.090	1.017	0.920	0.930	0.706	0.654	0.834	0.552	0.541	0.495
1,000 to fewer than 5,000 members	1.304	1.276	1.407	1.254	1.003	1.198	1.218	1.135	1.140	0.987	0.909	0.821	0.686	0.672	0.863	0.567	0.458	0.516
5,000 members or more	1.285	1.194	1.358	1.332	1.048	1.232	1.121	1.242	1.172	0.919	0.831	0.777	0.573	0.513	0.804	0.625	0.471	0.759

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	0.996	0.974	0.935	0.795	0.616	0.631	0.749	0.638	0.592	0.798	0.735	0.776	0.761	0.676	1.007	0.869	0.515	0.304
£5m to less than £20m	1.341	1.264	1.288	1.071	0.899	0.913	1.043	1.007	0.913	1.023	1.017	1.017	0.892	0.867	1.056	0.748	0.520	0.387
£20m to less than £100m	1.311	1.307	1.373	1.155	1.052	1.119	1.169	1.148	1.047	1.077	0.974	0.976	0.818	0.744	0.886	0.690	0.449	0.417
£100m to less than £300m	2.868	1.236	1.401	1.249	0.946	1.196	1.141	1.118	1.080	0.968	0.876	0.800	0.716	0.697	0.811	0.622	0.471	0.527
£300m or greater	1.237	1.232	1.383	1.299	1.045	1.129	1.149	1.184	1.087	0.888	0.800	0.753	0.523	0.532	0.791	0.497	0.432	0.615

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	1.132	1.044	1.059	0.900	0.753	0.751	0.959	0.898	0.695	0.913	0.781	0.843	0.804	0.721	1.003	0.935	0.606	0.281
25% to less than 50%	1.338	1.340	1.408	1.189	0.997	1.098	1.182	1.124	1.085	1.065	0.990	0.998	0.842	0.826	0.955	0.759	0.558	0.565
50% to less than 75%	2.290	1.267	1.284	1.155	0.934	0.990	0.991	0.958	0.930	0.927	0.951	0.830	0.682	0.638	0.834	0.540	0.393	0.432
75% or greater	0.625	0.871	0.823	0.750	0.376	0.584	0.546	0.297	0.462	0.539	0.448	0.670	0.466	0.455	1.065	0.473	0.304	0.119

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	1.451	1.237	1.323	1.158	0.962	1.097	1.155	1.105	1.050	1.052	0.983	1.025	0.847	0.835	1.090	0.818	0.620	0.691
TP liabilities not reported for active members	1.070	1.050	1.062	0.868	0.762	0.773	0.918	0.879	0.789	0.900	0.846	0.805	0.715	0.665	0.802	0.624	0.418	0.292

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							1.156	1.008	1.109	0.932	0.847	0.885	0.827	0.806	0.918	0.681	0.401	0.346
Covenant group 2 (Tending to Strong)							1.121	1.112	0.983	0.993	0.907	0.958	0.834	0.785	0.901	0.704	0.471	0.356
Covenant group 3 (Tending to Weak)							1.066	1.059	0.981	1.016	0.980	0.933	0.757	0.688	0.780	0.483	0.550	0.272
Covenant group 4 (Weak)							0.956	0.866	0.769	0.930	0.862	0.834	0.641	0.732	0.888	0.688	0.253	0.364

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	1.683	1.129	1.183	0.971	0.785	0.920	0.958	0.898	0.815	0.899	0.777	0.807	0.733	0.696	0.813	0.652	0.458	0.296
5 to fewer than 7.5 years	1.184	1.176	1.289	1.009	0.838	0.924	1.039	1.040	0.929	1.019	0.942	0.905	0.830	0.809	1.017	0.590	0.445	0.490
7.5 to fewer than 10 years	1.301	1.199	1.255	1.109	0.985	0.940	1.166	1.107	0.999	1.082	1.024	1.013	0.740	0.739	1.014	0.807	0.436	0.473
10 years or more	1.262	1.291	1.265	1.110	0.935	1.072	1.072	1.074	1.093	1.015	1.008	1.059	0.880	0.790	0.911	0.657	0.366	0.283

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				1.032	0.852	0.938	1.021	0.969	0.909	0.959	0.914	0.904	0.763	0.726	0.922	0.680	0.475	0.421
At least one contingent asset				1.242	1.009	1.055	1.141	1.104	0.995	1.019	0.868	0.882	0.771	0.727	0.914	0.704	0.505	0.437

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	0.949	0.887	0.888	0.994	0.703	0.670	0.897	0.786	0.645	0.787	0.794	0.829	0.709	0.746	0.903	0.661	0.244	0.413
70% to less than 80%	1.235	1.180	1.248	1.152	0.954	0.914	1.087	1.111	0.913	0.981	1.027	0.950	0.798	0.783	0.967	0.696	0.371	0.301
80% to less than 90%	1.728	1.244	1.350	1.122	0.950	0.996	1.141	1.118	1.012	1.019	0.999	0.962	0.782	0.768	0.846	0.692	0.512	0.308
90% to less than 100%	1.395	1.278	1.357	1.072	0.910	1.108	1.055	1.052	1.011	1.024	0.828	0.921	0.788	0.701	0.919	0.614	0.446	0.358
100% or greater								0.762	0.849	0.933	0.834	0.820	0.742	0.694	0.961	0.732	0.515	0.473

Table 4.5: Average outperformance of the nominal SEDR over greater than 15 year AA rated corporate bonds by scheme characteristics (tranches 1-7: schemes in deficit only, tranches 8-18)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	0.579	0.286	-0.644	-1.330	-0.055	-0.077	-0.301	0.014	0.207	0.117	-0.088	0.220	0.002	-0.085	-0.030	0.050	-0.334	-0.429

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	0.252	0.085	-0.874	-1.500	-0.312	-0.367	-0.521	-0.245	-0.048	-0.001	-0.169	0.161	0.023	-0.084	0.038	0.166	-0.291	-0.520
100 to fewer than 500 members	0.904	0.373	-0.554	-1.327	0.003	-0.008	-0.228	0.110	0.282	0.220	0.011	0.324	0.085	-0.010	-0.012	0.051	-0.390	-0.456
500 to fewer than 1,000 members	0.515	0.456	-0.525	-1.257	0.208	0.121	-0.120	0.205	0.372	0.162	-0.077	0.247	-0.058	-0.157	-0.075	-0.079	-0.267	-0.347
1,000 to fewer than 5,000 members	0.515	0.382	-0.496	-1.185	0.066	0.154	-0.134	0.142	0.421	0.135	-0.096	0.139	-0.070	-0.132	-0.133	-0.072	-0.351	-0.342
5,000 members or more	0.497	0.305	-0.578	-1.126	0.151	0.198	-0.215	0.252	0.451	0.070	-0.176	0.095	-0.196	-0.283	-0.180	-0.006	-0.342	-0.093

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	0.207	0.073	-0.926	-1.539	-0.347	-0.417	-0.587	-0.337	-0.123	-0.058	-0.252	0.099	0.005	-0.142	0.118	0.233	-0.294	-0.540
£5m to less than £20m	0.552	0.362	-0.585	-1.324	-0.043	-0.124	-0.308	0.029	0.194	0.173	0.028	0.340	0.121	0.052	0.099	0.114	-0.295	-0.466
£20m to less than £100m	0.523	0.408	-0.530	-1.266	0.110	0.081	-0.187	0.165	0.329	0.222	-0.017	0.294	0.055	-0.069	-0.074	0.057	-0.364	-0.436
£100m to less than £300m	2.079	0.348	-0.497	-1.178	0.015	0.151	-0.218	0.131	0.364	0.112	-0.122	0.118	-0.043	-0.105	-0.137	-0.015	-0.346	-0.319
£300m or greater	0.450	0.341	-0.580	-1.169	0.144	0.089	-0.200	0.192	0.365	0.036	-0.209	0.071	-0.236	-0.268	-0.192	-0.137	-0.376	-0.249

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	0.344	0.146	-0.803	-1.480	-0.201	-0.295	-0.399	-0.080	-0.021	0.060	-0.213	0.166	0.048	-0.093	0.089	0.299	-0.197	-0.557
25% to less than 50%	0.549	0.439	-0.492	-1.206	0.054	0.059	-0.168	0.143	0.365	0.211	0.000	0.317	0.079	0.013	0.002	0.120	-0.245	-0.284
50% to less than 75%	1.503	0.369	-0.623	-1.277	0.013	-0.048	-0.345	-0.029	0.212	0.073	-0.043	0.150	-0.082	-0.170	-0.118	-0.090	-0.432	-0.422
75% or greater	-0.168	-0.020	-1.090	-1.701	-0.537	-0.456	-0.853	-0.679	-0.249	-0.321	-0.554	-0.015	-0.303	-0.354	0.068	-0.148	-0.521	-0.739

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	0.663	0.340	-0.566	-1.248	0.018	0.056	-0.207	0.122	0.332	0.200	-0.010	0.344	0.090	0.021	0.159	0.180	-0.168	-0.152
TP liabilities not reported for active members	0.280	0.146	-0.818	-1.510	-0.176	-0.268	-0.419	-0.102	0.070	0.044	-0.146	0.126	-0.050	-0.144	-0.162	-0.009	-0.405	-0.563

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							-0.216	0.029	0.394	0.082	-0.148	0.202	0.044	-0.010	-0.117	0.036	-0.398	-0.498
Covenant group 2 (Tending to Strong)							-0.231	0.133	0.262	0.144	-0.082	0.277	0.065	-0.026	-0.100	0.069	-0.354	-0.506
Covenant group 3 (Tending to Weak)							-0.281	0.073	0.259	0.161	-0.008	0.251	-0.014	-0.122	-0.224	-0.150	-0.255	-0.578
Covenant group 4 (Weak)							-0.423	-0.117	0.052	0.070	-0.149	0.151	-0.128	-0.084	-0.069	0.054	-0.553	-0.505

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	0.894	0.229	-0.615	-1.401	-0.146	-0.124	-0.407	-0.088	0.099	0.044	-0.214	0.127	-0.031	-0.120	-0.156	0.014	-0.349	-0.557
5 to fewer than 7.5 years	0.394	0.275	-0.631	-1.393	-0.092	-0.112	-0.300	0.053	0.209	0.166	-0.056	0.225	0.061	-0.005	0.046	-0.050	-0.389	-0.389
7.5 to fewer than 10 years	0.513	0.300	-0.635	-1.303	0.032	-0.100	-0.184	0.127	0.277	0.231	0.034	0.330	-0.022	-0.064	-0.042	0.171	-0.377	-0.396
10 years or more	0.474	0.394	-0.700	-1.287	-0.013	0.031	-0.276	0.095	0.373	0.168	0.014	0.377	0.097	-0.015	-0.102	0.024	-0.426	-0.584

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				-1.360	-0.093	-0.103	-0.325	-0.011	0.191	0.105	-0.078	0.225	0.000	-0.085	-0.023	0.046	-0.337	-0.429
At least one contingent asset				-1.182	0.077	0.017	-0.223	0.115	0.278	0.164	-0.130	0.198	0.011	-0.084	-0.059	0.068	-0.313	-0.424

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	0.161	-0.020	-1.074	-1.402	-0.272	-0.372	-0.457	-0.206	-0.074	-0.068	-0.205	0.149	-0.063	-0.067	-0.150	0.020	-0.569	-0.463
70% to less than 80%	0.447	0.283	-0.681	-1.246	0.007	-0.124	-0.266	0.133	0.191	0.128	0.037	0.268	0.024	-0.030	-0.096	0.058	-0.435	-0.566
80% to less than 90%	0.939	0.351	-0.503	-1.288	0.022	-0.044	-0.205	0.139	0.292	0.172	0.006	0.281	0.011	-0.047	-0.165	0.053	-0.298	-0.562
90% to less than 100%	0.605	0.374	-0.471	-1.314	-0.009	0.065	-0.295	0.071	0.296	0.168	-0.164	0.241	0.025	-0.110	0.025	-0.022	-0.377	-0.489
100% or greater								-0.214	0.135	0.074	-0.156	0.143	-0.010	-0.114	0.121	0.104	-0.300	-0.374

Table 4.6: Average real SEDR by scheme characteristics (tranches 1-7: schemes in deficit only, tranches 8-18)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	2.254	2.253	2.094	2.134	1.687	1.645	0.990	0.732	0.927	0.151	0.085	-0.678	-0.773	-1.045	-1.112	-1.545	-1.512	0.822

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	2.055	2.054	1.885	2.005	1.521	1.434	0.893	0.622	0.729	0.141	0.067	-0.690	-0.720	-0.974	-1.049	-1.424	-1.478	0.766
100 to fewer than 500 members	2.385	2.327	2.189	2.158	1.747	1.704	1.071	0.832	0.980	0.215	0.178	-0.597	-0.700	-1.005	-1.102	-1.540	-1.511	0.771
500 to fewer than 1,000 members	2.268	2.438	2.232	2.204	1.894	1.785	1.079	0.797	1.057	0.176	0.039	-0.676	-0.824	-1.192	-1.241	-1.673	-1.460	0.871
1,000 to fewer than 5,000 members	2.296	2.359	2.202	2.226	1.759	1.802	1.049	0.729	1.086	0.126	0.030	-0.796	-0.887	-1.120	-1.153	-1.714	-1.623	0.878
5,000 members or more	2.266	2.293	2.078	2.206	1.659	1.814	0.919	0.661	1.140	-0.053	-0.149	-0.819	-1.002	-1.267	-1.199	-1.553	-1.597	1.206

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	2.037	2.050	1.863	1.995	1.502	1.424	0.866	0.589	0.727	0.117	0.025	-0.706	-0.718	-1.003	-0.917	-1.357	-1.457	0.784
£5m to less than £20m	2.357	2.319	2.163	2.154	1.733	1.610	1.040	0.773	0.903	0.219	0.218	-0.553	-0.642	-0.905	-0.989	-1.511	-1.440	0.806
£20m to less than £100m	2.284	2.382	2.191	2.202	1.806	1.780	1.064	0.835	1.004	0.223	0.149	-0.631	-0.738	-1.044	-1.187	-1.516	-1.533	0.759
£100m to less than £300m	2.469	2.287	2.202	2.214	1.711	1.806	0.946	0.710	1.048	0.104	-0.030	-0.832	-0.830	-1.124	-1.242	-1.592	-1.527	0.905
£300m or greater	2.222	2.316	2.058	2.142	1.673	1.646	0.946	0.670	1.033	-0.038	-0.149	-0.845	-1.044	-1.270	-1.210	-1.750	-1.649	1.004

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	2.215	2.191	2.018	2.071	1.647	1.522	0.981	0.728	0.801	0.185	0.030	-0.666	-0.677	-0.980	-0.895	-1.264	-1.324	0.839
25% to less than 50%	2.300	2.362	2.208	2.200	1.772	1.757	1.097	0.828	1.059	0.221	0.141	-0.605	-0.715	-0.952	-1.083	-1.457	-1.448	1.014
50% to less than 75%	2.310	2.181	2.010	2.133	1.624	1.594	0.863	0.660	0.879	0.037	0.106	-0.781	-0.873	-1.176	-1.233	-1.697	-1.592	0.780
75% or greater	1.641	1.968	1.688	1.941	1.130	1.376	0.647	-0.191	0.515	-0.088	-0.317	-0.794	-1.017	-1.263	-1.000	-1.841	-1.751	0.470

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	2.294	2.302	2.16	2.198	1.732	1.747	1.067	0.818	1.062	0.236	0.154	-0.539	-0.691	-0.937	-0.896	-1.411	-1.396	1.128
TP liabilities not reported for active members	2.111	2.124	1.948	1.993	1.612	1.499	0.894	0.638	0.782	0.079	0.032	-0.785	-0.823	-1.104	-1.263	-1.605	-1.562	0.672

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							1.053	0.729	1.138	0.042	-0.033	-0.766	-0.722	-0.976	-1.182	-1.605	-1.646	0.706
Covenant group 2 (Tending to Strong)							1.053	0.787	0.969	0.153	0.079	-0.623	-0.719	-1.028	-1.184	-1.537	-1.472	0.677
Covenant group 3 (Tending to Weak)							0.977	0.781	0.947	0.182	0.139	-0.665	-0.807	-1.093	-1.285	-1.752	-1.444	0.628
Covenant group 4 (Weak)							0.938	0.651	0.758	0.092	0.028	-0.733	-0.889	-0.997	-1.164	-1.518	-1.818	0.707

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	2.205	2.216	2.051	2.039	1.599	1.599	0.900	0.623	0.796	0.051	-0.014	-0.780	-0.795	-1.062	-1.228	-1.567	-1.546	0.650
5 to fewer than 7.5 years	2.213	2.267	2.102	2.021	1.652	1.601	0.955	0.774	0.923	0.205	0.101	-0.683	-0.748	-1.001	-1.078	-1.721	-1.458	0.762
7.5 to fewer than 10 years	2.292	2.257	2.111	2.193	1.764	1.641	1.093	0.795	0.990	0.247	0.122	-0.616	-0.840	-1.061	-1.047	-1.443	-1.617	0.690
10 years or more	2.275	2.333	2.118	2.182	1.728	1.744	1.035	0.800	1.100	0.153	0.184	-0.524	-0.674	-1.015	-1.149	-1.543	-1.746	0.712

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				2.128	1.675	1.635	0.995	0.732	0.921	0.148	0.114	-0.664	-0.769	-1.037	-1.113	-1.552	-1.510	0.830
At least one contingent asset				2.167	1.731	1.679	0.976	0.729	0.960	0.161	-0.034	-0.743	-0.791	-1.085	-1.110	-1.513	-1.528	0.755

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	1.984	1.977	1.795	2.055	1.522	1.415	0.883	0.573	0.699	-0.016	-0.004	-0.753	-0.813	-0.992	-1.173	-1.564	-1.818	0.802
70% to less than 80%	2.241	2.238	2.093	2.219	1.723	1.588	1.009	0.821	0.926	0.166	0.201	-0.648	-0.764	-1.018	-1.154	-1.560	-1.670	0.693
80% to less than 90%	2.350	2.319	2.185	2.205	1.756	1.642	1.051	0.825	0.986	0.133	0.160	-0.633	-0.772	-1.009	-1.238	-1.557	-1.421	0.569
90% to less than 100%	2.381	2.334	2.198	2.144	1.724	1.801	1.011	0.718	0.988	0.190	-0.023	-0.675	-0.764	-1.094	-1.071	-1.625	-1.534	0.716
100% or greater								0.638	0.888	0.198	0.069	-0.707	-0.773	-1.054	-0.997	-1.474	-1.468	0.912

Table 4.7: Average outperformance of the real SEDR over the 20 year spot rate on UK gilts by scheme characteristics (tranches 1-7: schemes in deficit only, tranches 8-18)

Mean percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	1.061	0.979	1.134	1.049	0.832	0.906	1.011	0.975	0.892	0.983	0.992	1.071	0.879	0.915	1.130	0.853	0.608	0.318

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	0.860	0.784	0.922	0.913	0.662	0.703	0.913	0.824	0.695	0.965	0.970	1.048	0.929	0.963	1.189	0.968	0.643	0.235
100 to fewer than 500 members	1.188	1.055	1.224	1.074	0.890	0.961	1.092	1.073	0.949	1.047	1.089	1.157	0.947	0.972	1.145	0.863	0.555	0.282
500 to fewer than 1,000 members	1.078	1.145	1.279	1.125	1.036	1.049	1.115	1.079	1.028	1.013	0.953	1.077	0.831	0.779	0.995	0.716	0.718	0.351
1,000 to fewer than 5,000 members	1.111	1.085	1.247	1.136	0.909	1.065	1.075	1.008	1.042	0.970	0.936	0.964	0.772	0.847	1.096	0.700	0.558	0.394
5,000 members or more	1.085	1.014	1.120	1.139	0.823	1.059	0.931	0.987	1.089	0.789	0.762	0.934	0.663	0.700	1.032	0.831	0.629	0.740

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	0.838	0.778	0.907	0.899	0.644	0.697	0.876	0.781	0.697	0.937	0.917	1.032	0.924	0.931	1.313	1.032	0.634	0.234
£5m to less than £20m	1.157	1.050	1.188	1.067	0.872	0.865	1.061	1.015	0.876	1.049	1.134	1.186	1.009	1.057	1.256	0.882	0.635	0.296
£20m to less than £100m	1.097	1.099	1.239	1.119	0.951	1.040	1.089	1.077	0.966	1.055	1.048	1.130	0.912	0.918	1.062	0.884	0.587	0.268
£100m to less than £300m	1.295	1.018	1.241	1.136	0.854	1.068	0.978	0.982	0.996	0.947	0.900	0.921	0.824	0.859	0.996	0.810	0.594	0.409
£300m or greater	1.038	1.032	1.113	1.076	0.835	0.903	0.965	0.994	0.996	0.807	0.763	0.909	0.621	0.695	1.027	0.652	0.585	0.545

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	1.015	0.916	1.055	0.986	0.789	0.795	1.000	0.974	0.768	1.013	0.918	1.070	0.970	0.968	1.335	1.135	0.781	0.290
25% to less than 50%	1.111	1.090	1.247	1.115	0.914	1.020	1.120	1.066	1.027	1.053	1.048	1.146	0.933	1.009	1.167	0.946	0.721	0.513
50% to less than 75%	1.128	0.898	1.057	1.048	0.782	0.840	0.882	0.911	0.842	0.873	1.025	0.979	0.785	0.792	1.000	0.694	0.487	0.282
75% or greater	0.467	0.716	0.702	0.859	0.264	0.613	0.689	0.083	0.456	0.743	0.617	0.931	0.645	0.692	1.260	0.540	0.350	-0.023

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	1.105	1.030	1.200	1.114	0.877	1.018	1.087	1.060	1.023	1.065	1.050	1.204	0.960	1.008	1.338	0.990	0.785	0.621
TP liabilities not reported for active members	0.904	0.844	0.984	0.906	0.756	0.746	0.916	0.885	0.751	0.913	0.948	0.969	0.830	0.864	0.985	0.791	0.532	0.170

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							1.072	0.954	1.078	0.877	0.879	0.995	0.931	0.962	1.100	0.806	0.527	0.189
Covenant group 2 (Tending to Strong)							1.074	1.048	0.943	0.994	0.993	1.131	0.933	0.945	1.072	0.865	0.586	0.198
Covenant group 3 (Tending to Weak)							1.004	1.024	0.926	1.020	1.053	1.081	0.847	0.865	0.977	0.663	0.701	0.150
Covenant group 4 (Weak)							0.967	0.905	0.722	0.909	0.920	1.020	0.762	0.966	1.097	0.877	0.333	0.224

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	1.013	0.940	1.081	0.966	0.743	0.858	0.928	0.865	0.753	0.881	0.886	0.971	0.853	0.873	1.023	0.831	0.592	0.149
5 to fewer than 7.5 years	1.024	0.984	1.149	0.943	0.795	0.847	0.970	0.998	0.893	1.029	0.993	1.064	0.909	0.984	1.199	0.704	0.554	0.325
7.5 to fewer than 10 years	1.100	0.985	1.150	1.105	0.908	0.904	1.111	1.035	0.969	1.086	1.054	1.141	0.807	0.921	1.204	0.956	0.531	0.248
10 years or more	1.080	1.064	1.168	1.089	0.875	1.017	1.056	1.069	1.072	1.006	1.109	1.232	0.980	0.982	1.114	0.869	0.423	0.249

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				1.042	0.817	0.900	1.016	0.971	0.886	0.981	1.022	1.082	0.883	0.921	1.131	0.842	0.608	0.321
At least one contingent asset				1.085	0.883	0.929	0.998	0.993	0.921	0.992	0.870	1.021	0.862	0.885	1.124	0.903	0.609	0.287

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	0.796	0.717	0.837	0.963	0.671	0.693	0.907	0.804	0.670	0.848	0.922	1.012	0.839	0.967	1.107	0.863	0.312	0.331
70% to less than 80%	1.048	0.970	1.136	1.135	0.866	0.845	1.034	1.075	0.897	1.000	1.124	1.108	0.883	0.975	1.116	0.859	0.471	0.221
80% to less than 90%	1.161	1.042	1.223	1.131	0.897	0.900	1.066	1.083	0.962	0.971	1.064	1.118	0.880	0.955	1.030	0.839	0.674	0.109
90% to less than 100%	1.180	1.050	1.232	1.082	0.871	1.061	1.032	0.953	0.945	1.012	0.883	1.070	0.885	0.852	1.162	0.779	0.563	0.208
100% or greater								0.861	0.844	1.017	0.956	1.032	0.882	0.904	1.199	0.909	0.654	0.394

Table 4.8: Distribution of the nominal SEDR (tranches 1-7: schemes in deficit only, tranches 8-18)

Rate percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	6.300	6.560	6.700	6.500	6.360	6.300	5.320	5.160	5.480	4.523	4.396	4.081	3.740	3.500	3.462	2.941	3.600	5.650
Upper quartile	5.790	6.040	6.220	5.910	5.870	5.780	4.770	4.550	4.910	3.828	3.700	3.180	3.000	2.800	2.310	2.240	2.720	4.850
Median	5.365	5.620	5.870	5.500	5.500	5.420	4.370	4.130	4.505	3.415	3.290	2.700	2.615	2.430	1.820	1.830	2.280	4.410
Lower quartile	5.000	5.300	5.500	5.010	5.110	5.000	3.940	3.690	4.100	3.030	2.870	2.250	2.200	2.050	1.450	1.515	1.840	4.100
5th percentile	4.375	4.614	4.800	4.250	4.320	4.260	3.047	2.816	3.419	2.300	2.150	1.700	1.660	1.480	1.058	1.100	1.264	3.630

Table 4.9a: Distribution of the outperformance of the nominal SEDR over gilt yields (20-year for tranches 1–17, 15-year for tranche 18)

Rate percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	2.155	2.100	2.130	2.070	1.780	1.884	2.032	2.030	1.900	1.990	1.930	2.200	1.872	1.818	2.286	1.820	1.402	1.572
Upper quartile	1.660	1.590	1.620	1.510	1.280	1.360	1.490	1.440	1.330	1.340	1.290	1.330	1.150	1.100	1.310	1.000	0.840	0.790
Median	1.240	1.180	1.300	1.150	0.935	0.990	1.115	1.060	0.950	0.990	0.920	0.865	0.770	0.730	0.850	0.670	0.510	0.430
Lower quartile	0.840	0.830	0.910	0.650	0.570	0.600	0.670	0.610	0.520	0.613	0.510	0.420	0.350	0.360	0.510	0.370	0.200	0.138
5th percentile	0.205	0.186	0.204	-0.101	-0.230	-0.130	-0.170	-0.240	-0.140	-0.100	-0.190	-0.160	-0.160	-0.160	-0.036	-0.150	-0.240	-0.283

Table 4.9b: Distribution of the outperformance of the nominal SEDR over greater than 15 year AA rated corporate bonds (tranches 1-7: schemes in deficit only, tranches 8-18)

Rate percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	1.370	1.200	0.472	-0.176	0.810	0.834	0.692	1.050	1.190	1.123	0.966	1.530	1.080	1.010	1.476	1.162	0.690	0.723
Upper quartile	0.870	0.690	-0.160	-0.860	0.340	0.330	0.150	0.450	0.610	0.490	0.290	0.657	0.380	0.290	0.380	0.360	0.040	-0.040
Median	0.450	0.280	-0.630	-1.310	0.000	-0.030	-0.230	0.080	0.230	0.150	-0.080	0.180	0.010	-0.070	-0.060	0.040	-0.310	-0.440
Lower quartile	0.050	-0.050	-1.110	-1.770	-0.410	-0.440	-0.660	-0.380	-0.190	-0.250	-0.490	-0.260	-0.422	-0.440	-0.510	-0.255	-0.610	-0.730
5th percentile	-0.590	-0.710	-1.840	-2.530	-1.170	-1.184	-1.580	-1.230	-0.850	-0.980	-1.160	-0.841	-0.970	-0.980	-1.096	-0.761	-1.170	-1.190

Table 4.10: Distribution of the real SEDR (tranches 1-7: schemes in deficit only, tranches 8-18)

Rate Percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	3.109	3.067	2.928	3.194	2.550	2.557	1.966	1.791	1.984	1.177	1.162	0.764	0.290	0.027	0.508	-0.483	-0.083	1.981
Upper quartile	2.606	2.614	2.440	2.541	2.052	1.987	1.403	1.173	1.263	0.541	0.484	-0.295	-0.388	-0.659	-0.743	-1.174	-1.101	1.238
Median	2.239	2.254	2.136	2.171	1.739	1.688	1.035	0.774	0.916	0.189	0.101	-0.750	-0.770	-1.016	-1.167	-1.518	-1.506	0.852
Lower quartile	1.942	1.967	1.789	1.756	1.389	1.313	0.648	0.366	0.580	-0.206	-0.291	-1.125	-1.159	-1.358	-1.504	-1.819	-1.857	0.512
5th percentile	1.256	1.302	1.064	0.899	0.679	0.674	-0.097	-0.435	-0.041	-0.879	-0.954	-1.684	-1.646	-1.936	-1.985	-2.285	-2.520	-0.048

Table 4.11: Distribution of the outperformance of the real SEDR over the 20 year spot rate on UK gilts (tranches 1-7: schemes in deficit only, tranches 8-18)

Rate percentage (%) - Tranche

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	1.893	1.784	1.980	2.077	1.678	1.847	1.970	1.948	1.991	1.951	2.020	2.420	1.940	1.950	2.650	2.059	1.587	1.425
Upper quartile	1.405	1.338	1.489	1.462	1.189	1.253	1.432	1.377	1.227	1.353	1.364	1.462	1.244	1.271	1.540	1.227	1.008	0.696
Median	1.052	0.991	1.166	1.099	0.895	0.938	1.050	1.019	0.887	1.024	1.012	1.022	0.888	0.950	1.056	0.881	0.697	0.354
Lower quartile	0.747	0.709	0.838	0.688	0.527	0.567	0.674	0.639	0.534	0.660	0.638	0.612	0.504	0.612	0.763	0.591	0.379	0.040
5th percentile	0.047	0.017	0.112	-0.141	-0.189	-0.075	-0.080	-0.112	-0.083	-0.038	-0.011	0.070	-0.003	0.039	0.223	0.030	-0.302	-0.458

Mortality assumptions

Table 5.1: Base mortality tables (schemes in deficit only)

Tranche (percentage of schemes)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
92 Series	97	74	37	13	6	2	1	0	0	0	0	0	0	0	0	0	0	0
00 Series	2	24	55	37	32	19	13	9	8	5	2	2	2	0	0	0	0	0
SAPS Series	0	1	6	45	60	76	81	87	89	92	94	96	93	85	88	86	96	97
Other Series	1	1	2	6	2	3	5	4	3	3	4	2	5	15	12	14	4	3

Table 5.2: Loadings applied to base mortality tables (schemes in deficit only)

Tranche (years)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No Loading	75	65	52	49	50	49	46	50	49	44	46	47	44	43	45	45	34	37
Rating by age	18	22	24	19	13	12	13	9	9	9	6	7	5	5	3	4	2	1
Percentage Adjustment to q(x)	7	13	22	25	27	28	29	30	30	37	36	36	42	43	39	41	52	51
SAPS Series Light / Heavy	0	0	1	4	5	5	6	6	5	5	5	4	3	4	5	3	4	3
Combination of two or more of the above	0	0	1	4	5	6	5	6	6	7	7	6	6	5	7	7	8	8

Table 5.3: q(x) adjustments to base mortality tables (tranche 18 schemes in deficit only)

Base table (percentage of schemes)

	SAPS Series	Other Series	Total
No qX Loading	41	68	42
Less than 80%	0	0	0
80% to 100%	25	16	25
100% to 120%	30	5	29
Over 120%	4	11	5
Total	97	3	100

Table 5.4: Adjustments to base mortality table from valuation date (schemes in deficit only)

Tranche (percentage of schemes)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
None / Not Stated	22	13	10	3	3	3	3	3	4	4	3	2	2	2	1	1	2	2
92 Base Adjustment	19	7	3	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Cohort Projection	5	2	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Medium Cohort Projection	46	61	51	56	35	16	9	4	2	0	0	0	0	0	0	0	0	0
Long Cohort Projection	1	13	33	35	28	13	6	2	1	1	0	0	0	0	0	0	0	0
CMI Projection	0	0	0	2	31	67	80	90	92	93	95	95	96	96	95	97	96	93
Other Projection	9	4	3	2	2	2	2	2	2	2	1	2	2	2	3	2	1	5
Use of a long-term rate of improvement *	2	22	60	86	92	93	93	96	95	94	94	95	95	97	92	97	97	93

* Normally in combination with other items

Table 5.5: Size of improvement adopted by tranche (schemes in deficit only)

Tranche (percentage of schemes)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
None / Not Stated	98	78	40	14	8	7	7	4	5	6	6	5	5	3	8	3	3	7
1% or less	2	17	45	59	49	27	15	8	8	3	2	3	3	4	5	7	6	7
Greater than 1% to less than 1.5%	0	2	5	10	18	17	17	14	8	8	8	9	10	9	7	7	7	9
1.5%	0	4	10	16	22	42	54	64	64	69	70	66	69	69	63	66	65	63
Greater than 1.5% to less than 2.0%	0	0	0	0	1	2	2	3	6	7	8	10	9	9	12	11	12	11
2.00% or greater	0	0	0	1	1	5	5	7	8	6	6	7	5	5	5	6	7	3

Life expectancy

Table 6.1a: Distribution of life expectancies for future male pensioners aged 45 (schemes in surplus and deficit)

Tranche (years)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	89.0	90.7	91.6	91.5	91.9	92.4	92.4	92.4	92.3	92.2	91.9	91.5	90.7	90.5	90.5	90.4	90.3	90.0
Upper quartile	88.0	88.7	89.9	90.2	90.4	90.8	90.9	90.7	90.8	90.7	90.5	90.0	89.7	89.4	89.4	89.4	89.3	88.9
Median	87.0	88.0	89.0	89.2	89.5	89.7	89.8	89.9	89.9	89.8	89.7	89.3	88.9	88.7	88.7	88.7	88.7	88.2
Lower quartile	85.8	87.1	88.0	88.1	88.4	88.9	89.1	89.3	89.3	89.4	89.4	88.8	88.5	88.2	88.2	88.2	88.1	87.8
5th percentile	84.4	84.9	86.3	86.8	87.1	87.6	87.9	88.1	88.1	88.3	88.0	87.7	87.3	87.0	87.2	87.0	87.1	86.7

Table 6.1b: Distribution of life expectancies for current male pensioners aged 65 (schemes in surplus and deficit)

Tranche (years)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	87.7	88.6	89.0	89.0	89.2	89.4	89.8	89.5	89.5	89.6	89.4	89.1	88.8	88.8	88.8	88.7	88.6	88.3
Upper quartile	86.8	87.0	87.9	88.0	88.1	88.5	88.5	88.5	88.6	88.5	88.3	88.2	87.9	87.7	87.7	87.6	87.6	87.3
Median	86.0	86.9	87.0	87.2	87.3	87.6	87.7	87.8	87.7	87.7	87.7	87.4	87.2	87.1	87.1	87.1	87.1	86.7
Lower quartile	84.8	86.0	86.1	86.2	86.6	86.9	87.2	87.4	87.3	87.4	87.3	87.1	86.9	86.6	86.7	86.7	86.5	86.3
5th percentile	83.5	84.0	84.8	85.1	85.3	85.8	86.0	86.1	86.2	86.4	86.2	86.0	85.8	85.4	85.6	85.4	85.5	85.3

Table 6.1c: Distribution of life expectancies for future female pensioners aged 45 (schemes in surplus and deficit)

Tranche (years)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	91.8	93.0	93.4	93.4	93.7	94.2	94.3	94.4	94.3	94.1	94.0	93.3	92.7	92.3	92.5	92.4	92.4	92.2
Upper quartile	90.8	91.3	92.4	92.4	92.5	92.7	92.8	92.9	92.8	92.9	92.7	92.0	91.6	91.5	91.5	91.6	91.6	91.3
Median	89.8	90.8	91.3	91.5	91.6	91.9	92.1	92.3	92.1	92.0	91.9	91.2	91.0	90.9	91.1	91.2	91.2	90.7
Lower quartile	88.8	89.8	90.2	90.6	90.8	91.0	91.4	91.6	91.3	91.5	91.5	90.8	90.7	90.4	90.5	90.7	90.6	90.1
5th percentile	87.3	87.8	88.6	89.1	89.3	89.9	90.1	90.5	90.4	90.5	90.3	89.8	89.7	89.4	89.6	89.8	89.7	89.4

Table 6.1d: Distribution of life expectancies for current female pensioners aged 65 (schemes in surplus and deficit)

Tranche (years)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
95th percentile	90.6	91.5	91.7	91.3	91.4	91.5	91.6	91.6	91.5	91.4	91.4	91.1	90.6	90.5	90.7	90.6	90.6	90.4
Upper quartile	89.7	89.9	90.5	90.4	90.5	90.5	90.6	90.6	90.5	90.5	90.3	90.0	89.7	89.7	89.7	89.8	89.9	89.6
Median	88.8	89.7	89.6	89.6	89.6	89.8	89.9	90.0	89.8	89.8	89.6	89.4	89.2	89.2	89.3	89.4	89.5	89.0
Lower quartile	87.7	88.6	88.7	88.7	88.9	89.1	89.4	89.6	89.3	89.4	89.4	89.0	88.9	88.7	88.8	89.0	88.9	88.6
5th percentile	86.5	86.9	87.2	87.6	87.6	88.2	88.3	88.4	88.3	88.5	88.3	88.1	87.9	87.7	87.9	88.0	88.0	87.7

Table 6.2a: Average life expectancies for current male pensioners aged 65 by scheme characteristics (schemes in surplus and deficit)

Tranche (years)

Current male pensioners aged 65

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	85.7	86.5	87.0	87.1	87.3	87.7	87.8	87.9	87.9	87.9	87.8	87.6	87.4	87.2	87.2	87.2	87.1	86.8

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	85.9	86.7	87.4	87.4	87.6	87.8	87.9	88.0	87.9	87.9	87.7	87.6	87.4	87.1	87.2	87.1	87.0	86.9
100 to fewer than 500 members	85.8	86.6	87.0	87.1	87.2	87.6	87.8	87.7	87.8	87.9	87.7	87.5	87.4	87.2	87.2	87.2	87.2	86.9
500 to fewer than 1,000 members	85.7	86.4	86.8	86.7	87.2	87.6	87.8	87.9	87.9	87.9	87.9	87.7	87.5	87.5	87.3	87.3	87.3	86.7
1,000 to fewer than 5,000 members	85.5	86.3	86.6	86.8	87.3	87.4	87.8	87.9	87.8	87.9	87.8	87.5	87.5	87.3	87.2	87.3	87.4	86.7
5,000 members or more	85.2	86.1	86.5	86.7	87.2	87.6	87.7	88.1	87.9	87.8	88.0	87.7	87.2	87.5	87.3	87.1	86.9	86.7

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	85.9	86.6	87.4	87.2	87.4	87.6	87.6	87.8	87.7	87.6	87.6	87.4	87.2	86.8	86.9	87.0	86.9	86.6
£5m to less than £20m	85.7	86.6	86.9	87.2	87.2	87.6	87.8	87.7	87.8	87.9	87.5	87.4	87.3	87.0	87.0	87.0	87.0	86.8
£20m to less than £100m	85.6	86.6	86.9	87.0	87.4	87.7	87.9	87.9	88.0	88.0	87.8	87.6	87.5	87.3	87.3	87.2	87.2	87.0
£100m to less than £300m	85.7	86.3	86.6	87.1	87.2	87.5	87.9	88.1	88.0	88.0	88.1	87.8	87.6	87.6	87.4	87.5	87.4	86.8
£300m or greater	85.4	86.2	86.7	86.8	87.4	87.9	87.9	88.2	88.0	88.0	88.1	87.8	87.5	87.5	87.4	87.3	87.5	86.9

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	85.9	86.7	87.2	87.3	87.5	87.8	87.9	87.9	87.9	87.8	87.8	87.5	87.4	87.0	87.1	87.0	87.1	86.6
25% to less than 50%	85.6	86.4	86.8	86.9	87.2	87.6	87.8	87.9	87.8	87.9	87.7	87.5	87.4	87.2	87.2	87.2	87.1	86.7
50% to less than 75%	85.5	86.4	86.7	87.1	87.3	87.6	87.7	87.9	87.9	87.9	87.8	87.5	87.4	87.2	87.2	87.2	87.2	86.8
75% or greater	85.7	87.3	87.0	87.6	87.7	88.2	88.5	88.1	88.4	88.4	88.1	88.0	87.6	87.7	87.5	87.6	87.5	87.2

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	85.7	86.5	86.9	87.1	87.4	87.6	87.8	87.9	87.8	87.9	87.8	87.6	87.3	87.3	87.2	87.2	87.2	86.7
TP liabilities not reported for active members	85.9	86.6	87.2	87.1	87.3	87.7	87.7	87.8	87.9	87.9	87.7	87.5	87.4	87.2	87.2	87.2	87.1	86.9

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							88.1	88.0	88.0	88.2	88.0	87.7	87.8	87.4	87.4	87.2	87.5	87.1
Covenant group 2 (Tending to Strong)							87.8	87.9	87.9	87.9	87.8	87.5	87.3	87.1	87.2	87.2	87.1	86.8
Covenant group 3 (Tending to Weak)							87.7	87.9	87.8	87.9	87.7	87.6	87.2	87.1	87.0	87.1	87.0	86.7
Covenant group 4 (Weak)							87.7	87.8	87.9	87.7	87.5	87.4	87.2	86.9	87.0	87.0	86.8	86.6

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	85.9	86.7	87.2	87.3	87.4	87.8	88.0	88.0	88.1	88.1	87.8	87.6	87.5	87.2	87.2	87.3	87.2	86.8
5 to fewer than 7.5 years	85.9	86.6	87.1	87.3	87.4	87.7	87.9	87.9	87.9	87.9	87.8	87.6	87.3	87.1	87.2	87.0	87.0	86.8
7.5 to fewer than 10 years	85.8	86.6	87.0	87.2	87.3	87.7	87.9	87.9	87.8	87.7	87.8	87.5	87.1	87.2	87.1	87.0	87.1	86.6
10 years or more	85.6	86.6	86.8	86.9	87.2	87.4	87.6	87.7	87.7	87.7	87.6	87.4	87.2	86.8	86.8	87.0	86.7	86.7

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				87.1	87.4	87.6	87.8	87.9	87.8	87.9	87.7	87.5	87.4	87.2	87.2	87.2	87.2	86.8
At least one contingent asset				87.0	87.1	87.7	87.8	87.8	88.0	87.9	87.8	87.7	87.4	87.3	87.3	87.2	87.1	86.8

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	86.1	86.9	87.4	87.1	87.4	87.9	87.7	87.7	87.8	87.9	87.7	87.5	87.4	86.9	86.9	87.0	86.9	86.5
70% to less than 80%	85.7	86.7	86.9	87.2	87.3	87.6	87.9	87.9	87.9	87.7	87.7	87.5	87.2	86.9	87.1	87.2	87.0	86.8
80% to less than 90%	85.7	86.5	86.9	87.2	87.3	87.7	88.0	87.9	87.9	88.0	87.7	87.6	87.3	87.1	87.2	87.1	87.0	86.7
90% to less than 100%	85.6	86.4	87.0	86.7	87.4	87.6	87.7	88.0	88.0	87.9	87.8	87.6	87.4	87.3	87.2	87.2	87.2	86.9
100% or greater	85.3	86.4	86.7	86.9	87.6	87.5	87.4	87.9	87.8	87.8	87.9	87.5	87.6	87.4	87.3	87.2	87.2	86.9

Table 6.2b: Average life expectancies for future male pensioners aged 45 by scheme characteristics (schemes in surplus and deficit)

Tranche (years)

Current male pensioners aged 65

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
All schemes	86.7	87.9	88.9	88.9	89.3	89.7	89.9	90.0	90.0	90.0	89.9	89.4	89.1	88.9	88.9	88.8	88.8	88.4

Size by number of members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 100 members	86.9	87.9	89.2	89.1	89.2	89.9	90.0	90.2	90.1	90.0	89.9	89.5	89.1	88.8	88.8	88.8	88.8	88.5
100 to fewer than 500 members	86.7	87.9	88.8	88.9	89.2	89.6	89.9	89.8	90.0	90.0	89.8	89.3	89.2	88.8	88.8	88.8	88.8	88.5
500 to fewer than 1,000 members	86.7	87.9	88.7	88.8	89.2	89.7	89.8	90.0	90.1	90.1	90.1	89.5	89.2	89.1	88.9	88.9	88.9	88.3
1,000 to fewer than 5,000 members	86.6	87.8	88.5	88.5	89.3	89.5	89.8	90.0	89.9	90.0	89.8	89.3	89.2	88.9	88.8	88.9	88.9	88.2
5,000 members or more	86.5	87.7	88.6	88.9	89.4	89.6	89.8	90.1	90.1	90.0	90.1	89.6	88.9	89.0	89.0	88.7	88.4	88.3

Size by TP liabilities

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than £5m	86.8	87.8	89.2	88.7	89.1	89.6	89.6	90.0	89.8	89.7	89.8	89.3	89.0	88.5	88.6	88.7	88.6	88.3
£5m to less than £20m	86.7	87.8	88.8	89.1	89.1	89.8	89.9	89.8	89.9	90.0	89.6	89.2	89.0	88.7	88.7	88.7	88.7	88.4
£20m to less than £100m	86.7	88.1	88.8	88.9	89.4	89.8	89.9	90.0	90.2	90.1	89.9	89.4	89.2	88.9	89.0	88.8	88.8	88.5
£100m to less than £300m	86.8	87.8	88.5	88.7	89.3	89.6	90.0	90.2	90.2	90.2	90.2	89.6	89.3	89.3	89.0	89.1	88.9	88.4
£300m or greater	86.6	87.9	88.8	89.0	89.6	89.9	90.1	90.3	90.2	90.1	90.2	89.6	89.3	89.1	89.1	88.9	89.0	88.4

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 25%	86.8	87.9	89.1	88.9	89.4	89.9	90.0	90.0	90.1	89.9	89.9	89.4	89.1	88.7	88.8	88.7	88.8	88.2
25% to less than 50%	86.7	87.8	88.6	88.8	89.2	89.7	89.9	90.0	89.9	90.0	89.8	89.4	89.1	88.8	88.9	88.8	88.7	88.3
50% to less than 75%	86.6	87.8	88.7	88.9	89.4	89.7	89.8	90.0	90.0	90.0	89.9	89.4	89.1	88.9	88.8	88.8	88.8	88.4
75% or greater	86.7	89.1	88.9	89.7	86.6	89.0	90.7	90.2	90.6	90.5	90.5	89.9	89.4	89.4	89.2	89.2	89.2	88.8

Presence of active members

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
TP liabilities reported for active members	86.7	87.9	88.8	89.0	89.4	89.7	89.9	90.0	90.0	90.0	89.9	89.4	89.1	88.9	88.9	88.8	88.8	88.3
TP liabilities not reported for active members	86.8	87.9	89.1	88.7	89.0	89.8	89.8	90.0	90.1	90.0	89.9	89.4	89.2	88.8	88.8	88.8	88.8	88.5

Covenant (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Covenant group 1 (Strong)							90.2	90.1	90.2	90.3	90.2	89.6	89.6	89.0	89.0	88.9	89.1	88.6
Covenant group 2 (Tending to Strong)							89.9	90.0	90.1	90.0	89.9	89.3	89.0	88.8	88.9	88.8	88.7	88.3
Covenant group 3 (Tending to Weak)							89.7	90.0	89.9	90.0	89.8	89.5	88.9	88.7	88.7	88.7	88.7	88.3
Covenant group 4 (Weak)							89.8	90.0	90.1	89.8	89.7	89.3	88.9	88.6	88.6	88.7	88.4	88.2

RP length (schemes in deficit only)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Fewer than 5 years	86.9	88.1	89.0	89.2	88.8	89.8	90.1	90.1	90.3	90.2	89.9	89.5	89.2	88.9	88.9	88.9	88.8	88.4
5 to fewer than 7.5 years	86.9	88.0	89.1	88.9	89.5	89.8	90.0	90.0	90.1	90.1	89.9	89.5	89.0	88.7	88.8	88.6	88.7	88.3
7.5 to fewer than 10 years	86.8	87.9	88.8	89.2	89.2	89.8	90.0	90.0	90.0	89.8	90.0	89.4	88.8	88.9	88.7	88.7	88.7	88.0
10 years or more	86.7	87.9	88.6	88.4	89.2	89.5	89.7	89.9	89.8	89.9	89.6	89.2	88.9	88.4	88.5	88.5	88.3	88.3

Presence of contingent assets

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
No contingent asset				88.9	89.3	89.7	89.9	90.0	90.0	90.0	89.9	89.4	89.1	88.9	88.8	88.8	88.8	88.4
At least one contingent asset				88.7	89.2	89.6	89.9	89.9	90.2	90.0	90.0	89.5	89.1	88.9	88.9	88.8	88.7	88.3

Funding level (TP liabilities)

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18
Less than 70%	87.1	88.2	89.3	88.8	89.5	90.1	89.8	89.9	90.0	90.0	89.8	89.3	89.0	88.6	88.5	88.6	88.6	88.1
70% to less than 80%	86.7	88.0	88.7	89.3	89.4	89.7	90.0	90.0	90.0	89.8	89.8	89.3	88.9	88.6	88.7	88.9	88.6	88.4
80% to less than 90%	86.8	87.8	88.8	89.2	88.9	89.8	90.1	90.0	90.0	90.1	89.8	89.5	89.1	88.8	88.9	88.7	88.7	88.3
90% to less than 100%	86.6	87.7	88.9	88.0	89.2	89.6	89.7	90.1	90.2	90.0	90.0	89.4	89.2	89.0	88.9	88.8	88.8	88.4
100% or greater	86.3	87.8	88.7	88.9	89.6	89.6	89.5	89.9	89.9	89.9	90.0	89.4	89.3	89.0	89.0	88.9	88.8	88.5

Table 6.3: Average change in life expectancies for current male pensioners aged 65 by scheme characteristics, tranche 14 versus tranche 17 (schemes in surplus and deficit)

Current male pensioners aged 65

	Change in assumed age at death (years)	Percentage of schemes (%)
All Schemes	-0.35	100

Size by number of members

	Change in assumed age at death (years)	Percentage of schemes (%)
Fewer than 100 members	-0.29	37
100 to fewer than 500 members	-0.32	34
500 to fewer than 1,000 members	-0.45	10
1,000 to fewer than 5,000 members	-0.45	13
5,000 members or more	-0.46	6

Size by TP liabilities

	Change in assumed age at death (years)	Percentage of schemes (%)
Less than £5m	-0.32	20
£5m to less than £20m	-0.26	28
£20m to less than £100m	-0.39	29
£100m to less than £300m	-0.44	13
£300m or greater	-0.43	10

Maturity (ratio of pensioner TP liabilities to total TP liabilities)

	Change in assumed age at death (years)	Percentage of schemes (%)
Less than 25%	-0.45	9
25% to less than 50%	-0.4	30
50% to less than 75%	-0.32	50
75% or greater	-0.28	12

Presence of active members

	Change in assumed age at death (years)	Percentage of schemes (%)
TP liabilities reported for active members	-0.36	30
TP liabilities not reported for active members	-0.34	70

Covenant (schemes in deficit only)

	Change in assumed age at death (years)	Percentage of schemes (%)
Covenant group 1 (Strong)	-0.34	14
Covenant group 2 (Tending to Strong)	-0.29	50
Covenant group 3 (Tending to Weak)	-0.28	17
Covenant group 4 (Weak)	-0.34	19

RP length (schemes in deficit only) 

	Change in assumed age at death (years)	Percentage of schemes (%)
Fewer than 5 years	-0.32	70
5 to fewer than 7.5 years	-0.34	18
7.5 to fewer than 10 years	-0.37	6
10 years or more	-0.11	6

Presence of contingent assets

	Change in assumed age at death (years)	Percentage of schemes (%)
No contingent asset	-0.34	89
At least one contingent asset	-0.41	11

Funding level (TP liabilities)

	Change in assumed age at death (years)	Percentage of schemes (%)
Less than 70%	-0.29	4
70% to less than 80%	-0.26	5
80% to less than 90%	-0.4	11
90% to less than 100%	-0.27	19
100% or greater	-0.37	61

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