New figures released today from PwC’s Skyval Index revealed the deficit of defined benefit (DB) pensions funds stood at £170bn at the end of August 2018, £10bn less than the £180bn figure reported at the end of July 2018.

The index found that, as of the end of August 2018, the assets held within DB pension funds was at £1,630bn with the liability target at £1,800bn.

Commenting, PwC chief actuary Steven Dicker said: “August saw a further small reduction in the deficit for the UK pension schemes.

“The reduction in deficit is mainly attributable to strong asset performance. However, as economic uncertainty rumbles on, it’s not clear how long this positive trend will hold up.”

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