The aggregate surplus of DB pension schemes climbed to £265.6bn at the end of January, according to the latest Pension Protection Fund (PPF) 7800 Index.

DB pensions are “more resilient, more flexible and more policy-driven than at any point this century”, according to the Society of Pension Professionals (SPP).

The Society of Pension Professionals (SPP) has warned of the “unintended consequences” of changing the law relating to pre-1997 pension scheme indexation.

Defined benefit pension transfer values fell to their lowest value for six years at the end of December after a significant decline in the final quarter, according to pension provider and consultant XPS’s Transfer index.