BAE Systems has published the results of its most recent triennial funding valuation for its main UK pension scheme, revealing that the scheme's surplus rose to £800m as at 31 March 2024.

Funding valuations of the group's UK-defined benefit (DB) pension schemes are performed at least every three years.

The aerospace and defence firm's 2024 results for its main scheme were carried out on 31 March 2024 and concluded and signed off on 6 February 2025.

The valuation results - agreed with the trustees and certified by the scheme actuary after consultation with The Pensions Regulator (TPR) - showed a surplus of £800m, with £19.2bn in assets, partially offset by £18.4bn in liabiltiies.

The firm said its other UK schemes were also in surplus at their most recent triennial valuations, noting that the total surplus of its UK schemes was now £1.1bn.

In 2024, total employer contributions to the group's pension schemes were £407m, compared to £274m in 2023, including £156m of contributions to US schemes, the "significant majority" of which were to improve the funding position of the US schemes.

However, the firm said that contributions in 2025 schemes are expected to be lower than in 2024, reflecting the impact of updated market conditions on the cost of benefit accrual and the one-off nature of the majority of the US contributions made last year.

BAE Systems also confirmed that the company has been considering the impact of the Virgin Media case on its UK schemes and the extent to which its DB schemes were exposed, noting that any resulting change in pension obligations was "not anticipated to be material to the company".

A similar conclusion was drawn on the impact of climate change, which the firm said was incorporated into the cash flow projections used in valuing infrastructure investment assets and pooled investment vehicle cash flows upon which the group based its triennial assessment.

They found that climate change had "not materially impacted" the group's net pension position in 2024.

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