DB pension scheme surpluses reach £252bn, finds XPS
Schemes held £1,215bn in assets (against £963bn in liabilities) marking only a slight month-on-month dip in funding levels.
Defined benefit (DB) pension schemes in the UK stayed strong through November 2025, with assets at £1,215bn and liabilities at £963bn, according to data from XPS Group.
This left schemes with a £252bn surplus, up £65bn from the year before.
Funding levels dipped slightly month-on-month but remained high ahead of the Autumn Budget.
Graham Robinson, senior consultant at XPS Group, said: “With the continued high funding levels within DB pension schemes, the enhanced flexibility around surplus distribution announced in the recent Budget is welcome news to trustees and members alike.
“However, careful consideration of all stakeholders will be required when considering any surplus distribution from well-funded schemes.”
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