The Index shows the aggregate surplus increased to £220 billion on a low-dependency measure, equivalent to a funding level of 124%, and £165 billion on an insurance buyout measure, equivalent to a funding level of 117%, as of 30 April 2026. This compares with £210 billion and £140 billion respectively a month earlier.
Over the month, the buyout surplus rose by £25 billion, compared with a £10 billion increase on a low-dependency measure. This suggests a shift in market dynamics, with insurer pricing becoming more competitive, driven by excess capacity and increased competition as new entrants and recent ownership changes add momentum to transaction activity.
As funding levels improve, schemes are increasingly well positioned to pursue endgame opportunities. Confidence in the quality and reliability of member, benefit and scheme data is critical to acting quickly. Poor or incomplete data introduces uncertainty at the point of transaction, leading to higher pricing margins from insurers and superfunds and delays to execution and administration transfer. Many schemes have experienced the impact of poor data through longer timelines and higher costs, and it continues to act as a barrier to accessing surplus opportunities.
AI is emerging as part of the solution, helping schemes move from fragmented records to trusted, decision-ready data at scale, supported by a clear audit trail. This can accelerate remediation and enable schemes to act more quickly when strategic opportunities arise.
Saye Mkangama, pensions partner at PwC, said: “It’s pleasing to see the continued strength across most UK DB pension schemes. This means that many schemes can focus on choosing the most attractive choice from the options available. Whether a scheme can move quickly and with conviction once they have made this choice is determined by the quality and accessibility of its data. Trustees, sponsors and insurers need confidence that member data and benefit records are complete, consistent and ready for transaction.
“For many schemes, data remains a challenge. Market solutions, including those using AI, continue to develop and therefore trustees and sponsors should seek out the right solution for their situation.”
Katie Lightstone, employer covenant & restructuring partner at PwC, added: “As schemes increasingly look to technology, including AI, to support administration, governance and member engagement, The Pensions Regulator’s (TPR) new guidance sends a clear message: AI is not a future issue for pension schemes; it’s already here. The guidance supports innovation, while making clear that trustees remain accountable for outcomes and member protection.
“TPR is also clear that as AI adoption grows, strong governance, high-quality data and effective oversight of third-party providers will become increasingly important. For trustees, this places AI firmly within operational resilience and risk management. The focus on AI-driven scams and cyber risk is especially timely. As schemes use more AI tools, innovation will need to be matched by robust controls, testing and ongoing monitoring.”
The PwC Low Dependency Index, Buyout Index and Superfund Index figures are as follows:
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