Aggregate funding level of UK pensions worsened in November -consultants XPS

LONDON (Reuters) – The aggregate funding level of UK pension schemes worsened by 1% to 105% during November as gilt yields fell, pensions consultants XPS said on Monday.

Pension schemes faced a liquidity crisis in late September as they rushed to meet margin calls on derivatives positions due to rising gilt yields.

Gilt yields fell by 0.4% in November, which Tom Birkin, actuary at XPS, called “a much-needed period of relative calm for pension schemes”.

(Reporting by Carolyn Cohn; editing by Jason Neely)