On the go: The aggregate surplus of the 5,318 defined benefit schemes in the Pension Protection Fund 7800 Index has increased by £19.6bn in March.
This meant the surplus rose to £34.2bn at the end of March from £14.6bn at the end of February, the first time in two years that the schemes moved into positive territory.
According to the PPF, the funding ratio of the schemes increased over the month from 100.8 per cent to 102 per cent. The funding ratio was higher than the 94.9 per cent recorded in March 2020.
Total scheme assets amounted to £1.76tn at the end of March, while liabilities stood at £1.72tn.
Lisa McCrory, chief finance officer and chief actuary at the PPF, said: “The funding position of the PPF 7800 Index has improved slightly in March.
“The aggregate surplus of the 5,318 DB pension schemes increased to £34.2bn, with an improved funding ratio of 102 per cent primarily due to an increase in equities.
“Although these recent market movements appear encouraging, we remain mindful that this continues to be a volatile position.”
