The aggregate funding position of defined benefit (DB) funds in the Pension Protection Fund's (PPF) eligible universe has improved over March to a surplus of £0.3bn, the first surplus since the end of June 2008.
The end of February saw a deficit of £15.1bn, and scheme funding has also improved on last year, when a deficit of £242.0bn prevailed.
The PPF's figures, which take into account the assets and liabilities of almost 7,400 DB funds, also show that the total deficit of all schemes in deficit for March 2010 improved to £73.3bn from £79.5bn at the end of February 2010, and the total in surplus increased to £73.6bn from £64.4bn a month ago. March 2009 recorded just £11.1bn as the surplus for all schemes in surplus.
March saw an increase in assets of 3.5 per cent, attributed to rising UK and global equities. A change in gilt yields, however, caused a 1.8 per cent increase in liabilities.
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