The total surplus of U.K. defined benefit funds covered by the Pension Protection Fund's 7800 index more than doubled in March to £34.2 billion ($47 billion).
The surplus was £14.6 billion at the end of February.
The surplus improved from a deficit of £90.7 billion a year earlier, the London-based PPF said in an update Tuesday. The PPF is the lifeboat fund for the defined benefit plans of insolvent U.K. companies.
As of March 31, 51.3% of the 5,318 pension funds covered by the index were in deficit, compared with 53.4% as of Feb. 28. As of March 31, 2020, 63.4% of the 5,318 pension funds were in deficit.
The total shortfall of U.K. funds in deficit at the end of March was £144.3 billion, down from £154.4 billion at the end of February.
The funding ratio of the corporate pension plans increased to 102% as of March 31, up from 100.8% as of Feb. 28. The funding ratio was 94.9 % as of March 31, 2020, the update said.
Assets were up 1% during the month and rose 3.3% for the year ended March 31 to £1.76 trillion.
Liabilities decreased 0.1% over the month and declined 3.8% for the year to £1.72 trillion.
The FTSE All-Share index was up 4% for the month and was up 26.7% for the year ended March 31, the PPF said.
Five- to 15-year index-linked gilt yields decreased 3 basis points in March and declined 9 basis points over the year.
