Sarah Elwine, Actuarial Director at Broadstone, commented: “Pension scheme funding dropped back in April as continued market volatility and inflation expectations support elevated bond yields. With the conflict in Iran seeming unlikely to end imminently and domestic political uncertainty lingering in the UK, trustees must once more deal with a challenging macro environment. This could impact pension schemes that do not have a matched strategy in place, and so trustees and scheme managers should continue to monitor their investment strategy to protect their long-term objectives and support their members. However, pension scheme funding remains in a healthy position with the aggregate surplus significantly higher compared to last year. Alongside the passing of the Pension Schemes Act, it highlights the fact that many trustees still have optionality and the insurance market continues to quote for new business for schemes looking to secure their members’ benefits.”
Vishal Makkar, Managing Director, UK Wealth Consulting at Gallagher: “The aggregate funding position has fallen to £258.5bn this month, reflecting the continued ups and downs in financial markets and uncertainty around inflation and interest rates. Even so, the overall picture for UK defined benefit schemes is positive, with funding levels still far stronger than they were just a few years ago. Monthly movements are to be expected, but recent volatility is a reminder to keep a close eye on funding and investment risks. Trustees are keeping a close eye on developments closer to home. Debate around the Pension Schemes Bill and the Government’s approach to pension investment have kept the industry firmly in the spotlight. While the Government’s rollback on investment mandation has eased some concerns, trustees will still need to balance evolving policy expectations with their core focus on protecting member outcomes and maintaining long-term stability. The Pensions Regulator’s latest Annual Funding Statement reflects a similar picture, with many schemes now moving beyond deficit repair and focusing instead on longer-term questions around endgame planning.”
PPF Update on PPF 7800 Index for April 2026
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