In 2017, the four major high street banks (Barclays, Lloyds, HSBC and Natwest) reported no pension deficit for the first time since we started reporting on the FTSE100 in 2001 - with an average funding level of 111% and an aggregate surplus of almost £15bn.
This is due to good investment returns over the year, supplemented by further contributions made by the banks to reduce deficits. In contrast to the banking sector, the largest deficits came from Oil and Gas sector.
Overall FTSE deficit
Average IAS19 funding level
Increase in total benefits paid out
"At first glance, the results look promising, as the FTSE100 report close to surplus for the first time in recent years. Whilst the health of corporate pension schemes seems to be improving, some companies still have a lot of work to do to improve their schemes’ funding levels. "