A survey of pension funds has revealed the lowest month-end pension fund deficit since current records began.
May saw total deficits fall to £3bn, with almost half of the largest 200 UK pension funds in surplus.
UK pension fund deficits have improved by about £100bn in just over four years. The month-end deficit is the lowest since accounting standard FRS17 was introduced in 2001.
Marcus Hurd, senior consultant and actuary at Aon Consulting, said: “The era of the pension scheme accounting surplus has clearly begun.”