The aggregate deficit of the 6,150 schemes in the PPF 7800 index decreased by £15.3bn over February.

In its latest update, the PPF said the deficit value fell from £76.5bn at the end of January to £61.2bn for the end of last month.

Total assets were recorded at £1,148.6bn increasing by 1.6 per cent over the month and total liabilities were £1,209.8bn increasing by 0.2 per cent over the same period.

Over the month, 15-year gilt yields rose by 1 basis point, 15 year index-linked gilt yields fell by 2 basis points and the FTSE All-Share Index rose by 4.9 per cent.

In the year to February 2014, 15-year gilt yields were up by 65 basis points and the FTSE All-Share Index rose by 9.5 per cent.

The overall deficit position of schemes in the PPF 7800 index has improved on the previous year, when a deficit of £175bn was recorded at the end of February.

Funding ratios rose from 93.7 per cent to 94.9 per cent. This was 8.6 per cent higher than the ratio recorded at the same point last year.

The number of schemes in deficit at the end of February 2014 fell to 3,947 representing 64.2 per cent of the total number of defined benefit pension schemes.

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