Marvin OnumonuThe latest Pension Protection Fund (PPF) 7800 index shows a £238.9bn surplus in UK defined benefit (DB) pension schemes on a section 179 basis for September 2025, down £2.2bn from the previous month.
The funding ratio increased by 0.4 percentage points to 128.1%.
Assets dropped to £1,090.5bn, a decrease of 1.9%, while liabilities fell by 2.2% to £851.6bn.
The deficit among schemes in deficit rose by £2.2bn to £30.0bn.
The total number of schemes stayed the same at 4,969.
Jaime Norman, senior actuarial director at Broadstone, said: “August was characterised by notable increases in gilt yields whilst equity valuations also improved.
“While the surplus saw a notional dip, the overall picture remains of an extremely healthy defined benefit pension scheme environment with many already locking in the gains to their funding position.
“It means that heading into the busier second half of the year for pension scheme de-risking, many pension schemes will be in a strong position to approach what is a competitive insurance market.”
Norman added: “However, growing insurer capacity and widening options around run-on and access to surplus should mean that pension scheme trustees have a wide variety of options to secure their members’ benefits.
“Market volatility remains present so trustees must continue to monitor their funding position and investment strategies to ensure they can achieve their long-term objectives.”
