Defined benefit (DB) schemes recorded a £295bn surplus at the end of May, according to First Actuarial's best-estimate index (FABI).
According to the index, which uses significantly different calculations to the Pension Protection Fund (PPF) and other industry trackers, said the surplus had improved marginally from £287bn at the end of April.
Assets totalled £1.5trn while liabilities were recorded at £1.3trn, resulting in a funding ratio of 124%, up one percentage point over the month.
The FABI calculated the funding position using a 3.9% weighted discount rate, and a ‘breakeven' investment return rate of 2.8%. It also used expected future inflation rates of 3.6% and 2.6% under the Retail Prices Index (RPI) and the Consumer Prices Index (CPI) respectively.
It applies these figures to public data which underlies the PPF 7800 index, as well as information in the Purple Book.
The actuarial firm said the FABI "provides the voice of reason" when put against the other trackers, as it recognises trustees and employers fund schemes in "a sensible and prudent manner".
The PPF 7800 Index recorded a funding level of 86.8% on a section 179 basis at the end of May, while PwC's SkyVal index, which uses a funding measure, put it at just 75.2%.
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