The combined defined benefit (DB) deficit decreased by £33.9bn over April to £81.7bn on a section 179 basis, according to the Pension Protection Fund's (PPF's) latest update.
The closure of the BT Pension Scheme (BTPS) to future accrual means 20,000 active members will move to an 'enhanced' defined contribution (DC) scheme, after the company reached a deal with the union.
Retirement savings of millions of members could be hit with significant losses if pension providers do not step up action on climate risks, according to research.
The £60bn Universities Superannuation Scheme (USS) has made a follow-on investment in Yorkshire Water inflation-linked notes, backed by inflation swap cash flows, to secure long-term returns.