Defined benefit (DB) pension scheme funding levels have hit a record high, with three in four DB schemes now in surplus and deficit payments down by over £10bn a year, analysis from the Department for Work and Pensions (DWP) has revealed.
The DWP suggested that working people, pension scheme members and businesses are all set to benefit from these recent funding improvements, with plans to introduce new freedoms to release surplus funding set to unlock more than £160bn from DB schemes