{"version":"1","article":{"id":"uk-pension-schemes-assets-benefits-mar-2026","slug":"uk-pension-schemes-assets-benefits-mar-2026","language":"en","url":"https://haberpaper.com/en/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=en","title":"UK private defined-benefit pension assets fell 4% in six months","summary":"The ONS says private-sector defined benefit and hybrid pension schemes’ market value fell £46 billion to £1.091 trillion between September 2025 and March 2026. The office cautions that these asset values exclude liabilities for members’ pension entitlements.","category":"finance","region":"world","topics":[],"published_at":"2026-10-04T13:00:06+03:00","modified_at":"2026-10-04T13:00:06+03:00","publication_basis":"publication-record","event_period":"2026-03","event_period_basis":"event-or-reference-period","sources":[{"name":"UK Office for National Statistics","url":"https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/fundedoccupationalpensionschemesintheuk/october2025tomarch2026","publishedAt":"2026-10-01","checkedAt":"2026-10-04"}],"translations":[{"language":"tr","url":"https://haberpaper.com/tr/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=tr"},{"language":"en","url":"https://haberpaper.com/en/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=en"},{"language":"ar","url":"https://haberpaper.com/ar/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=ar"},{"language":"fr","url":"https://haberpaper.com/fr/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=fr"},{"language":"es","url":"https://haberpaper.com/es/news/uk-pension-schemes-assets-benefits-mar-2026","api_url":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026?lang=es"}],"data_types":["metrics"],"data":{"version":1,"blocks":[{"id":"uk-pension-scheme-metrics","type":"metrics","title":{"tr":"Birleşik Krallık fonlanmış mesleki emeklilik göstergeleri","en":"UK funded occupational pension indicators","ar":"مؤشرات خطط المعاشات المهنية الممولة في المملكة المتحدة","fr":"Indicateurs des régimes professionnels financés britanniques","es":"Indicadores de planes profesionales financiados del Reino Unido"},"description":{"tr":"ONS FSPS bülteninde bildirilen piyasa değeri ve fayda ödemesi göstergeleri. Piyasa değeri üyelerin emeklilik haklarından doğan yükümlülükleri kapsamaz.","en":"Market-value and benefit-payment indicators reported in the ONS FSPS bulletin. Market value excludes liabilities for members’ pension entitlements.","ar":"مؤشرات القيمة السوقية ومدفوعات المنافع الواردة في نشرة مسح ONS؛ ولا تشمل القيمة السوقية الالتزامات الخاصة باستحقاقات الأعضاء التقاعدية.","fr":"Indicateurs de valeur de marché et de prestations publiés dans le bulletin FSPS de l’ONS. La valeur de marché exclut les engagements correspondant aux droits à pension des membres.","es":"Indicadores de valor de mercado y pagos de prestaciones del boletín FSPS de la ONS. El valor de mercado excluye los pasivos por derechos de pensión de los miembros."},"methodology":{"tr":"Emeklilik Düzenleyicisi sicilinden plan türü ve üyelik büyüklüğüne göre tabakalı rastgele örneklem; yanıtlar yanıtsızlık için ağırlıklandırılır. 2025 Q3’te yeni örnekleme geçiş gelecekteki revizyonları büyütebilir. Para tutarları kayıtta unregistered GBP birimine çevrilmedi; bu blok yalnız kayıtlı count/percent birimlerini kullanır. Gösterilen toplamlar ve değişimler kaynak tablosundaki GBP rakamlarını haber metninde açıklar.","en":"Stratified random sample from The Pensions Regulator register by scheme type and membership size; responses are weighted for non-response. A new sample began in Q3 2025 and may increase future revisions. GBP amounts are not encoded here because GBP is not a registered unit; this block only uses registered count/percent units. The article reports the source’s GBP amounts in prose.","ar":"عينة عشوائية طبقية من سجل هيئة تنظيم المعاشات بحسب نوع الخطة وحجم العضوية، مع ترجيح الإجابات لمراعاة عدم الاستجابة. بدأ استخدام عينة جديدة في الربع الثالث 2025 وقد تزيد المراجعات المستقبلية. لا تُرمّز مبالغ الجنيه هنا لعدم تسجيل وحدة GBP؛ ويقتصر هذا الجزء على وحدات count وpercent المسجلة، بينما يورد النص مبالغ المصدر بالجنيه.","fr":"Échantillon aléatoire stratifié du registre de The Pensions Regulator selon le type de régime et les effectifs ; pondération pour la non-réponse. Un nouvel échantillon a commencé au T3 2025 et pourrait accroître les révisions ultérieures. Les montants en GBP ne sont pas encodés ici car cette unité n’est pas enregistrée ; ce bloc utilise seulement les unités count/percent enregistrées. Le texte rapporte les montants en livres de la source.","es":"Muestra aleatoria estratificada del registro de The Pensions Regulator por tipo de plan y tamaño de afiliación; respuestas ponderadas por falta de respuesta. En el T3 de 2025 comenzó una nueva muestra que puede aumentar las revisiones futuras. Los importes en GBP no se codifican aquí porque esa unidad no está registrada; este bloque solo usa unidades count/percent registradas. El texto informa los importes en libras de la fuente."},"sourceUrls":["https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/fundedoccupationalpensionschemesintheuk/october2025tomarch2026"],"updatedAt":"2026-10-04T02:55:00+03:00","items":[{"label":{"tr":"Özel sektör DB/hibrit plan piyasa değeri değişimi","en":"Private-sector DB/hybrid scheme market-value change","ar":"تغير القيمة السوقية لخطط المزايا المحددة والهجينة الخاصة","fr":"Variation de valeur de marché des régimes privés DB/hybrides","es":"Cambio del valor de mercado de planes privados DB/híbridos"},"value":-4,"unit":"percent","period":"2026-03","periodStart":"2025-09","basis":"estimate","measure":{"id":"uk-private-dbh-market-value-change","unitCode":"percent","geography":"uk","frequency":"irregular","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Özel sektör DB/hibrit sigorta poliçesi varlık değişimi","en":"Private-sector DB/hybrid insurance-policy asset change","ar":"تغير أصول وثائق التأمين للخطط الخاصة","fr":"Variation des actifs d’assurance des régimes privés DB/hybrides","es":"Cambio de activos en pólizas de planes privados DB/híbridos"},"value":-6,"unit":"percent","period":"2026-03","periodStart":"2025-09","basis":"estimate","measure":{"id":"uk-private-dbh-insurance-assets-change","unitCode":"percent","geography":"uk","frequency":"irregular","aggregation":"change","periodRole":"reference-period"}},{"label":{"tr":"Özel sektör tanımlanmış katkı planlarının toplam ödemelerdeki payı","en":"Private-sector defined-contribution share of total benefits paid","ar":"حصة خطط المساهمات المحددة الخاصة من إجمالي المنافع المدفوعة","fr":"Part des prestations totales versées par les régimes privés à cotisations définies","es":"Cuota de prestaciones totales pagadas por planes privados de aportación definida"},"value":5.8,"unit":"percent","period":"2026-03","basis":"estimate","measure":{"id":"uk-private-dc-share-total-benefits-q1-2026","unitCode":"percent","geography":"uk","frequency":"irregular","aggregation":"rate","periodRole":"reference-period"}}]}]},"data_compilations":[{"id":"uk-pension-scheme-metrics","creator":{"@type":"Organization","@id":"https://haberpaper.com/#organization","name":"Haber Paper","url":"https://haberpaper.com/"},"license":{"@type":"CreativeWork","@id":"https://haberpaper.com/en/data-terms/v1#license","name":"Haber Paper Original Data Compilation License 1.0","url":"https://haberpaper.com/en/data-terms/v1"},"rights_scope":"Haber Paper original data arrangement, labels and methodology notes only; underlying source rights and permissions remain separate.","source_license_url":null}],"data_downloads":[{"id":"uk-pension-scheme-metrics","formats":{"json":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026/data/uk-pension-scheme-metrics?lang=en&format=json","csv":"https://haberpaper.com/api/v1/articles/uk-pension-schemes-assets-benefits-mar-2026/data/uk-pension-scheme-metrics?lang=en&format=csv"}}],"content":{"paragraphs":["The market value of UK private-sector defined benefit and hybrid occupational pension schemes fell by £46 billion, or 4%, from £1.137 trillion to £1.091 trillion between 30 September 2025 and 31 March 2026, according to a six-monthly bulletin published by the Office for National Statistics (ONS) on 1 October. The ONS attributes the decline mainly to lower asset values and, to a lesser extent, an increase in liabilities other than pension benefits. Its market-value measure covers scheme assets, the net value of derivative contracts and non-pension liabilities. It does not include liabilities arising from members’ future pension entitlements, so it cannot on its own show whether a scheme is adequately funded or in surplus or deficit.","The decline was not shared by every scheme category. The combined market value of private-sector defined contribution schemes and public-sector defined benefit and hybrid schemes rose by £50 billion, or 5%, over the same period, from £1.001 trillion to £1.051 trillion. The ONS identifies higher direct investment values for both groups as the main reason; an increase in pooled investment vehicles held by public-sector schemes also contributed. Direct investments held by public-sector defined benefit and hybrid schemes rose £25 billion, or 10%, while those held by private-sector defined contribution schemes increased £17 billion, or 21%. The different directions show why a single headline for “UK pension assets” can conceal contrasting movements by scheme type.","Within private-sector defined benefit and hybrid schemes, total asset value fell £39 billion, or 3%, in the six months. The largest component decline was in pooled investment vehicles, down £24 billion, or 6%. The ONS links that fall to market-value movements in mixed-asset and equity funds, including unrealised losses, as well as other changes such as income arrears; it says the fall was seen across schemes of different sizes. Direct asset values declined by £3 billion. Over the period, the UK 10-year government bond yield rose from 4.15% to 4.37%. Bond yields and prices move inversely, and the ONS says the increase may have contributed to lower pooled-vehicle values; it does not establish it as the sole cause. Private-sector schemes’ pooled-vehicle values remain below levels seen before the Bank Rate began rising from its record low in 2022.","Insurance policies were another notable balance-sheet item. Assets in these policies held by defined benefit and hybrid schemes had risen from £119 billion on 30 September 2023 to a peak of £190 billion on 30 September 2025. By March 2026 they had fallen £12 billion, or 6%, to £178 billion. In the ONS definition, this item includes annuity and deferred-annuity contracts linked to buy-ins and longevity swaps; the bulletin’s chart note also refers to insurance related to death benefits. The policies are recorded as scheme assets and can cover some pension liabilities. In a buy-in, members remain in the scheme while trustees hold the policy and retain responsibility for pension payments. In a buy-out, relevant member entitlements and assets can transfer to an insurer. The ONS says policy values can be volatile because transactions may be infrequent and an asset may leave the pensions sector when a buy-out transfers it to an insurer. It says comparatively low deficit-reduction contributions together with previously rising policy assets may indicate stronger funding positions, but the bulletin does not publish funding levels, so this is not a funding calculation or conclusion.","Payments to members of defined contribution schemes show a longer-term increase. Total quarterly benefits paid by private-sector defined contribution schemes rose from £0.4 billion in the series’ opening quarter, Quarter 3 2019, to £1.2 billion in Quarter 1 2026. Most of the increase came from lump-sum benefits, particularly in recent quarters. Lump sums averaged £0.99 billion per quarter from Quarter 3 2024 to Quarter 1 2026, the highest period average in the ONS series. For comparison, the average was £0.59 billion from Quarter 4 2022 to Quarter 2 2024 and £0.43 billion from Quarter 1 2021 to Quarter 3 2022. Under a defined contribution arrangement, a member’s retirement pot depends on contributions, investment returns and charges, and the payment choice made at retirement. An increase in benefits paid should therefore not by itself be read as a change in future retirement income. Lump-sum benefits can also include death benefits.","The estimates come from the ONS Financial Survey of Pension Schemes (FSPS), a quarterly survey of scheme membership, income and expenditure, transactions, assets and liabilities. All occupational schemes for private-sector employees are in scope, while the public-sector side includes funded schemes such as the Local Government Pension Scheme but excludes unfunded arrangements for civil servants, teachers and NHS staff. Results are presented in three categories: public-sector employee defined benefit and hybrid schemes, private-sector defined benefit and hybrid schemes, and private-sector defined contribution schemes. The ONS notes that “public-sector employee schemes” technically refers to government-managed schemes.","The FSPS draws a stratified random sample from The Pensions Regulator’s register, based on benefit type and membership size, then weights responses to account for non-response. All funded public schemes, private defined benefit and hybrid schemes with more than 10,000 members, and private defined contribution schemes with more than 25,000 members are included in the sample; smaller schemes are represented through sampling. A new sample was used for Quarter 3 2025 data. The ONS says estimates in subsequent quarters may therefore be subject to greater revisions and that the sample will be used for at least six quarters. In the latest data run, response rates were 86.8% for Quarter 4 2025 and 84.8% for Quarter 1 2026. Late responses and new information about earlier periods can lead to revisions, although estimates through Quarter 1 2025 will not be revised further. The bulletin is now published every six months, and data are released around two quarters after their reference periods. The ONS classifies the series as accredited official statistics. Even so, sample-based estimates carry sampling variability, and the survey does not estimate the number of schemes because small-scheme sample sizes are volatile. The results describe market-valued pension assets and benefit-payment flows; they do not establish whether assets cover members’ total pension entitlements."],"key_points":[],"sections":[]},"text":"The ONS says private-sector defined benefit and hybrid pension schemes’ market value fell £46 billion to £1.091 trillion between September 2025 and March 2026. The office cautions that these asset values exclude liabilities for members’ pension entitlements.\n\nThe market value of UK private-sector defined benefit and hybrid occupational pension schemes fell by £46 billion, or 4%, from £1.137 trillion to £1.091 trillion between 30 September 2025 and 31 March 2026, according to a six-monthly bulletin published by the Office for National Statistics (ONS) on 1 October. The ONS attributes the decline mainly to lower asset values and, to a lesser extent, an increase in liabilities other than pension benefits. Its market-value measure covers scheme assets, the net value of derivative contracts and non-pension liabilities. It does not include liabilities arising from members’ future pension entitlements, so it cannot on its own show whether a scheme is adequately funded or in surplus or deficit.\n\nThe decline was not shared by every scheme category. The combined market value of private-sector defined contribution schemes and public-sector defined benefit and hybrid schemes rose by £50 billion, or 5%, over the same period, from £1.001 trillion to £1.051 trillion. The ONS identifies higher direct investment values for both groups as the main reason; an increase in pooled investment vehicles held by public-sector schemes also contributed. Direct investments held by public-sector defined benefit and hybrid schemes rose £25 billion, or 10%, while those held by private-sector defined contribution schemes increased £17 billion, or 21%. The different directions show why a single headline for “UK pension assets” can conceal contrasting movements by scheme type.\n\nWithin private-sector defined benefit and hybrid schemes, total asset value fell £39 billion, or 3%, in the six months. The largest component decline was in pooled investment vehicles, down £24 billion, or 6%. The ONS links that fall to market-value movements in mixed-asset and equity funds, including unrealised losses, as well as other changes such as income arrears; it says the fall was seen across schemes of different sizes. Direct asset values declined by £3 billion. Over the period, the UK 10-year government bond yield rose from 4.15% to 4.37%. Bond yields and prices move inversely, and the ONS says the increase may have contributed to lower pooled-vehicle values; it does not establish it as the sole cause. Private-sector schemes’ pooled-vehicle values remain below levels seen before the Bank Rate began rising from its record low in 2022.\n\nInsurance policies were another notable balance-sheet item. Assets in these policies held by defined benefit and hybrid schemes had risen from £119 billion on 30 September 2023 to a peak of £190 billion on 30 September 2025. By March 2026 they had fallen £12 billion, or 6%, to £178 billion. In the ONS definition, this item includes annuity and deferred-annuity contracts linked to buy-ins and longevity swaps; the bulletin’s chart note also refers to insurance related to death benefits. The policies are recorded as scheme assets and can cover some pension liabilities. In a buy-in, members remain in the scheme while trustees hold the policy and retain responsibility for pension payments. In a buy-out, relevant member entitlements and assets can transfer to an insurer. The ONS says policy values can be volatile because transactions may be infrequent and an asset may leave the pensions sector when a buy-out transfers it to an insurer. It says comparatively low deficit-reduction contributions together with previously rising policy assets may indicate stronger funding positions, but the bulletin does not publish funding levels, so this is not a funding calculation or conclusion.\n\nPayments to members of defined contribution schemes show a longer-term increase. Total quarterly benefits paid by private-sector defined contribution schemes rose from £0.4 billion in the series’ opening quarter, Quarter 3 2019, to £1.2 billion in Quarter 1 2026. Most of the increase came from lump-sum benefits, particularly in recent quarters. Lump sums averaged £0.99 billion per quarter from Quarter 3 2024 to Quarter 1 2026, the highest period average in the ONS series. For comparison, the average was £0.59 billion from Quarter 4 2022 to Quarter 2 2024 and £0.43 billion from Quarter 1 2021 to Quarter 3 2022. Under a defined contribution arrangement, a member’s retirement pot depends on contributions, investment returns and charges, and the payment choice made at retirement. An increase in benefits paid should therefore not by itself be read as a change in future retirement income. Lump-sum benefits can also include death benefits.\n\nThe estimates come from the ONS Financial Survey of Pension Schemes (FSPS), a quarterly survey of scheme membership, income and expenditure, transactions, assets and liabilities. All occupational schemes for private-sector employees are in scope, while the public-sector side includes funded schemes such as the Local Government Pension Scheme but excludes unfunded arrangements for civil servants, teachers and NHS staff. Results are presented in three categories: public-sector employee defined benefit and hybrid schemes, private-sector defined benefit and hybrid schemes, and private-sector defined contribution schemes. The ONS notes that “public-sector employee schemes” technically refers to government-managed schemes.\n\nThe FSPS draws a stratified random sample from The Pensions Regulator’s register, based on benefit type and membership size, then weights responses to account for non-response. All funded public schemes, private defined benefit and hybrid schemes with more than 10,000 members, and private defined contribution schemes with more than 25,000 members are included in the sample; smaller schemes are represented through sampling. A new sample was used for Quarter 3 2025 data. The ONS says estimates in subsequent quarters may therefore be subject to greater revisions and that the sample will be used for at least six quarters. In the latest data run, response rates were 86.8% for Quarter 4 2025 and 84.8% for Quarter 1 2026. Late responses and new information about earlier periods can lead to revisions, although estimates through Quarter 1 2025 will not be revised further. The bulletin is now published every six months, and data are released around two quarters after their reference periods. The ONS classifies the series as accredited official statistics. Even so, sample-based estimates carry sampling variability, and the survey does not estimate the number of schemes because small-scheme sample sizes are volatile. The results describe market-valued pension assets and benefit-payment flows; they do not establish whether assets cover members’ total pension entitlements.","corrections":[],"editorial_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"finance","url":"https://haberpaper.com/assets/illustrations/finance-1536.webp","width":1536,"height":1024,"alt":"Symbolic financial system with a vault door, columns and unmarked coins.","language":"en"},"section_illustration":{"kind":"symbolic-editorial-illustration","documentary":false,"scope":"section","asset_id":"finance","url":"https://haberpaper.com/assets/illustrations/finance-1536.webp","width":1536,"height":1024,"alt":"Symbolic financial system with a vault door, columns and unmarked coins.","language":"en"}}}