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Our sixth annual report is built around the results of our annual survey of the DB pension scheme market and provides insights across a whole range of areas of DB strategy and endgame planning.

Key insights from this year’s report - Funding positions continued to improve

  • +5%
    Over the year to 31 March 2024 more than one third of schemes saw funding levels improve by 5% or more on a gilts flat and buyout basis
  • 10%
    And although improvement wasn’t universal, fewer than 10% of schemes saw their position get worse
  • 30%
    An impressive 30% of schemes are now fully funded on buyout – up from 20% in our 2023 analysis.

Taking control of your journey

It’s better to be proactive rather than reactive.

With the past 12 months offering relative calm after the turbulence of the last few years, as well as a (relative) slowdown in pensions regulatory change, this year’s annual DB pension scheme survey showed that schemes have really used their time effectively. We’ve seen schemes taking positive actions in a range of areas, from endgame planning to net zero targets to Diversity, Equity & Inclusion (DEI). Of course, it hasn’t all been good news and our survey showed that risks such as cyber, AI, and fears of another gilt market event remain front of mind for many respondents. But encouragingly, schemes have been taking actions to prepare themselves in these areas too.

As usual, this year’s Chart your own course report contains insights from our recent survey of the pensions industry. Thank you, if you responded – as well as providing us with valuable information, each completed entry prompted a £5 contribution to The British Red Cross. As ever, we also use data on our own client base derived from our flagship asset and liability tool Visualise to show trends in positions and activity across the year. We hope you enjoy exploring this year’s findings. 

After many years of mixed news, it feels like the last year has generally been really positive for DB schemes. Funding positions continue to improve, and it was great to see our survey results showing that so many schemes have been taking positive actions in areas from endgame, to climate risk, to Diversity, Equity & Inclusion. We’re seeing schemes really taking control of their journey.

Jon Forsyth Partner and Lead Author

Explore our report

Read now

Read the previous versions of chart your own course

2023: Tale of two journeys

Read more

2022: Shifting gears

Read now


Cyber risk can be broadly defined as the risk of loss, disruption, or damage to a scheme, or its members associated with using information technology. Risks can arise not only from the technology itself but also from the people using it and the processes supporting it. It includes risks to information (data security) as well as assets, and both internal risks (for example, from staff) and external risks (such as hacking). Source: TPR


Refers to the balance between the amount of greenhouse gas produced and the amount removed from the atmosphere. Net zero is reached when the amount we add is no more than the amount taken away.

Systemic risks are those that cannot be diversified away as they do not just affect one company or holding, but instead can have a broader impact on the wider economy.