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90% of DB schemes in surplus as focus shifts to endgame planning - TPR


By Callum Conway

The Pensions Regulator (TPR) has said that it expects most defined benefit (DB) pension schemes to continue shifting their focus from deficit recovery to endgame planning, after its latest Annual Funding Statement (AFS) confirmed that around 90 per cent of schemes are now in surplus.

TPR’s 2026 AFS and accompanying analysis showed that around 60 per cent of schemes were in surplus on a buyout basis as at 31 December 2025, rising to around 80 per cent on a low dependency basis and 90 per cent on a technical provisions (TPs) basis


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