Global equity markets rose by 2.0% (in local currency terms) in September, while Eurozone markets rose by 1.1% over the month.
Eurozone annual rate of headline inflation fell to 1.8% in September, below the European Central Bank's target of 2% for the first time in more than three years. This inflation data, combined with slowing economic conditions, could set the stage for quicker interest rate cuts by the ECB.
Annuity prices increased slightly over September. All annuity rates are 5-year guarantee and single life.
The funding level of our sample DB scheme remained around 106%, with the liabilities increasing slightly less than its assets (calculated using a Funding Standard proxy) over September.
