The aggregate surplus of the 4,969 schemes in the PPF 7800 Index is estimated to have dipped to £238.9 billion as of August 2025, from a surplus of £241.1 billion
Meanwhile, the funding ratio increased by 0.4 percentage points to 128.1 per cent and the number of schemes in surplus fell to 3,638. However, it still represented nearly three-quarters or 73.2 per cent of all schemes in the universe.
Broadstone senior actuarial director Jaime Norman says: “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.
“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.”