The aggregate surplus of defined benefit (DB) pension schemes in the Pension Protection Fund’s (PPF) 7800 Index increased by £8.1bn during February 2026, reaching £273.7bn.

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 that the overall funding ratio for the 4,838 schemes in the universe edged down slightly from 131 per cent to 130.8 per cent over the month.

However, the number of schemes in surplus rose to 3,875 - representing 80.1 per cent of schemes in the index.

According to the PPF’s data, total scheme assets increased by 3.4 per cent over the month to £1.16trn, while total liabilities rose by 3.5 per cent to £887.6bn.

Despite the slight fall in the overall funding ratio, the deficit of schemes still in deficit narrowed from £18.4bn to £17.4bn, while the number of schemes in deficit fell from 991 to 963.

Over the past year, the aggregate funding surplus has increased by £41bn, with the funding ratio rising from 126.1 per cent to 130.8 per cent.

Broadstone actuarial director, Sarah Elwine, said DB schemes had continued the positive momentum seen through 2025.

“Pension schemes continued their positive start to the year, building on the momentum through 2025, to record further improvements to their funding position in February,” she stated.

However, Elwine warned that geopolitical developments could reintroduce volatility into scheme funding levels.

“Events in the Middle East since the start of March mean that significant volatility and uncertainty have returned for trustees," she said.

"There will be less concern for trustees of schemes where the investment strategy is already fully matched but for other schemes there may be short-term fluctuations in funding levels depending on how assets are invested."

Elwine added that some schemes may delay strategic decisions while markets remained uncertain: “Schemes that were considering strategy changes or a review into their investment strategy may now hold fire in the hope that any market turbulence will be relatively short-lived.”

---