Several companies have published their 2025 half-year results, showing mixed outcomes regarding the funding of their defined benefit (DB) pension schemes, particularly in relation to surpluses.

Rolls-Royce Holdings reported a slight decline in its post-retirement scheme surplus, which stood at £750m as of 30 June 2025, down from £790m at the end of 2024.

Financing on the surplus during the first half of the year was £11m (statutory), slightly lower than the £12m recorded for the same period in 2024.

The group’s UK DB schemes accounted for most of the surplus, totalling £749m, with just £1m attributed to its overseas DB schemes.

Elementis also saw a small reduction in its pension surplus in the first six months of 2025.

Its largest retirement plan, the UK DB pension scheme, recorded a surplus of USD 21.6m (around £16.3m) as at 30 June 2025 under IAS 19, compared to USD 23m (£17.4m) at the end of 2024.

The scheme, which is relatively mature and closed to new members, experienced actuarial losses on plan assets of USD 2.8m (£2.12m), which the company cited as the primary driver of the decline.

However, Drax Group reported a continued increase in its DB surplus, which rose to £30.6m as of 30 June 2025, up from £24.7m at the end of December 2024.

The remeasurement of its DB pension scheme for the six months stood at £4.8m (unaudited), down from £6m (unaudited) in the first half of 2024.

In addition to this, Unilever’s half-year figures revealed a €100m (£86m) improvement in its net pension position, with pension assets net of liabilities rising to €3.1bn (£2.6bn) from €3bn (£2.55bn) over the six-month period.

The company attributed this to a modest return from growth assets and higher interest rates, which reduced liabilities more than assets.

The cost of pensions and similar obligations rose to €57m (£48m) in H1 2025, up from €35m (£29.75m) in the same period last year.

Its funded schemes in deficit also improved, from €173m (£147m) in H1 2024 to €93m (£80m) in H1 2025.

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