Annual Funding Statement 2026

• Most schemes continue to see positive funding levels. Our estimates as of 31 December 2025 indicate that around: • 90% of schemes are in surplus on a technical provisions (TPs) basis • 80% of schemes are in surplus on a TPR-derived low dependency basis, with 60% of schemes funded at more than 110% on this basis • 60% of schemes are in surplus on a buy-out basis • In line with last year, we expect most schemes in this tranche to be shifting their focus from deficit recovery to endgame planning. Our new models and options in defined benefit pensions schemes guidance, published in June...