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FTSE 100 DB schemes hold £55bn surplus as endgame choices grow


By Callum Conway

The aggregate surplus of UK FTSE 100 defined benefit (DB) pension schemes was around £55bn at the end of June 2026, according to LCP’s Pensions Explorer.

The schemes had an estimated accounting funding level of 120 per cent as at 30 June, leaving trustees and sponsors with greater scope to consider a broader range of long-term endgame strategies


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Dutch pension funds unlikely to expand housing investments significantly – DNB

Dutch pension funds are unlikely to significantly increase their investments in private rental housing, as expanding their domestic real estate allocations could come at the expense of portfolio diversification, De Nederlandsche Bank (DNB) has said
Swedbank-managed Estonian second pillar pension funds exceed €3bn

The volume of second-pillar pension funds managed by Swedbank in Estonia exceeded €3bn for the first time at the end of the second quarter (Q2) of 2026, representing a 29 per cent year-on-year increase

NBIM backs talks over potential Prologis-Segro deal

Norges Bank Investment Management (NBIM) has urged US real estate giant Prologis and UK warehouse landlord Segro to enter into “constructive discussions” over a potential merger, saying the proposal “merits consideration”
Dutch pension funds advised not to show personal pension pots to retirees

The Dutch Federation of Pension Funds (Pensioenfederatie) has advised pension funds not to display personal pension pots to retirees, warning that doing so could cause confusion and is not required by law

DNB, TNO, Vopak and BPFV transition to new Dutch pension rules

Dutch pension funds DNB, TNO, Vopak and BPFV have transitioned to the country’s new pension system under the Future Pensions Act (Wtp)
Smiths Industries Pension Scheme completes £760m buy-in with M&G

The Smiths Industries Pension Scheme has completed a £760m buy-in with M&G, securing the benefits of over 10,000 members and their dependents


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Over the line

After years of delays, Ireland’s auto-enrolment system has finally crossed the try line. But while MyFutureFund has been welcomed as a landmark reform, concerns remain over aspects of its implementation and the wider changes reshaping the pensions landscape. David Adams reports

The resilience shield

European pension funds are redefining resilience as geopolitical instability, climate risk and digital dependence reshape the landscape. Beyond funding and investment risk, regulators are now focused on operational vulnerabilities – from cyber threats to reliance on non‑European IT providers – raising new questions about the role of pensions as critical financial infrastructure. Ellie Carric reports

The dollar dilemma

Currency hedging is back in focus as doubts emerge over the dollar’s traditional role as a safe haven. Against a backdrop of heightened volatility, European pension funds are reviewing their exposure to foreign exchange risk and the opportunities hedging can offer. Lynn Strongin Dodds reports

Sweden’s pension balancing act

Skandia head of public and regulatory affairs, Mattias Munter, speaks to Callum Conway about the strengths of Sweden’s multi-pillar pension system, the lessons from recent governance controversies, and why adequacy, trust and private savings reform will shape the sector’s future

Building better retirement outcomes

Financial Planning Standards Board (FPSB) Ireland CEO, Emer Kirk, speaks to David Adams about the impact of Ireland’s new auto-enrolment system and other recent and proposed changes to the country’s pension system

Built for another era

Recent pension reforms in Germany sought to reduce the pressure on the first-pillar system while encouraging growth in the secondand third-pillar schemes. How successful have they been?

The cost compass

The continent’s pension sector is rethinking fees and costs as regulators, providers and policymakers shift the debate from price alone in search for value for money, transparency and better longterm outcomes for savers. Pete Carvill reports

Joining forces

Paige Perrin explores the current trend of consolidation in the Icelandic pension sector and the wider impacts of a more concentrated market structure on competition, ownership and financial stability

Investing for the future

APK Pensionskasse AG chief investment officer, Manfred Brenner, sits down with Paige Perrin to discuss the fund’s investment priorities, its outperformance of the market and the upcoming changes to the Austrian pension system

Ask the industry

With artificial intelligence (AI)-related pension complaints appearing in Belgian

Pensions Ombudsman cases for the first time, is the wider European pensions industry prepared for a surge in saver-led decisions driven by AI? And what responsibility does the industry have to intervene?

Waiting for take off

After years of being ignored by pension providers and savers, might a new phase of growth lie ahead for the Pan-European Personal Pension (PEPP)? David Adams reports on policymakers’ latest attempts to turn a good idea into a useful, mainstream product

Bursting under the pressure

Belgium’s Arizona coalition is facing mounting pressure as it looks to push through sweeping pension reforms. Sandra Haurant explores whether the changes will bring more unrest than solutions

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Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

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