Question to the Department for Work and Pensions:

To ask Her Majesty’s Government what is their latest estimate of the impact of falling long-term gilt yields on the deficits of UK defined benefit pension schemes.

Recent movement in gilt yields could have a material impact on the funding position of defined benefit pension schemes in the short term.

However, the precise effect on deficits will depend on a number of factors including how assets are allocated, the approach to hedging and the demographics of the scheme. We continue to monitor the position.