Table:
| Combined pensions schemes (£m) | 30 March 2019 | 31 March 2018 |
| --- | --- | --- |
| Assets |  |  |
| Equities | 179.5 | 296.5 |
| Government bonds | 1,490.4 | 1,046.4 |
| Corporate bonds | 26.9 | 20.7 |
| Property | 436.5 | 391.0 |
| Absolute return products | 1,141.2 | 1,323.3 |
| Cash | 38.1 | 32.4 |
| Infrastructure funds | 256.1 | 254.6 |
| Swaps | 556.4 | 715.3 |
| Private equity | 446.1 | 344.0 |
| Other | 469.5 | 439.4 |
| Total Assets | 5,040.7 | 4,863.6 |
| Liabilities |  |  |
| Discount rate | 2.45% | 2.70% |
| Inflation rate (RPI/CPI) | 3.25%/2.15% | 3.15%/2.05% |
Paragraphs:
Assets in the combined schemes increased by £177.1m to £5,040.7m in the period. RHM scheme assets increased by £149.1m to £4,333.6m while the Premier Foods’ schemes assets increased by £28.0m to £707.1m. The most significant movement by asset class is that of government bonds which increased by £444.0m in the year, predominantly in the RHM scheme.
Liabilities in the combined schemes increased by £121.0m in the year to £4,667.6m. The value of liabilities associated with the RHM scheme were £3,495.8m, an increase of £65.3m while liabilities in the Premier Foods schemes were £55.7m higher at £1,171.8m. The increase in the value of liabilities in both schemes is due to a lower discount rate assumption of 2.45% (31 March 2018: 2.70%) and an increase in the RPI inflation rate assumption; from 3.15% to 3.25%.
The Group’s Pension Trustees have just commenced the triennial actuarial valuation process of the Group’s pension schemes as at 31 March 2019 (RHM scheme) and 5 April 2019 (Premier Foods main scheme). This exercise typically takes a number of months to conclude; the output of which will be provided in due course.
The net present value of future deficit payments, to the end of the respective recovery periods remains at circa £300–320m.
Question:
What was the change in equities from 2018 to 2019?
Answer: 179.5 - 296.5 = -117