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UK DB funding surplus continues to rise to record levels


By Callum Conway

UK defined benefit (DB) pension scheme funding levels have remained at record highs, with the aggregate surplus of the 4,838 schemes in the Pension Protection Fund’s (PPF) 7800 Index rising by £2.1bn in December 2025 to £259.7bn.

The latest update to the index, which reflected the scheme valuation data submitted to The Pensions Regulator as part of the schemes’ annual returns, showed the overall funding ratio edging up from 129.9 per cent to 130.2 per cent


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