Pensions - Articles - DB pension surpluses remain at record highs

 Aggregate scheme assets increased over October 2025, as matching assets rose in value as bond yields decreased. Growth assets, such as global equities, also displayed positive performance.

 Aggregate scheme liabilities also increased, driven by a reduction in gilt yields.

 New analysis from XPS Group shows that UK pension schemes maintained strong funding positions throughout October 2025, relative to long-term funding targets. With aggregate assets totalling £1,207bn and liabilities of £967bn, schemes achieved a record funding level of 125% of the long-term target value of liabilities, as at 31 October 2025.

 Jill Fletcher, Senior Consultant at XPS Group said: “Funding levels of UK defined benefit (DB) pension schemes remained strong throughout October 2025 supported by widespread hedging against gilt yield movements which protected long-term funding positions, and kept long-term strategies on course, as gilt yields fell.”