ALT An image to congratulate people awarded in the King's Birthday Honours 2026.

ALT Two people posing together, smiling, one giving a thumbs-up. They stand in front of a IPE Real Estate Global Awards 2026 backdrop.

ALT The image contains a text on a green background Authored by Shalin Bhagwan, Chief Actuary: “Market conditions remained challenging through the month as persistent inflation pressures and elevated energy prices kept global bond yields high. Expectations of further central bank tightening continued to build, with UK gilt yields rising as investors reassessed the path of monetary policy. Against this backdrop, risk asset performance was mixed and bond markets remained under pressure. "Within this environment, the PPF 7800 index recorded a £5.3bn fall in the aggregate funding surplus, taking it to £258.5bn. The funding ratio dipped to 131.2 per cent, as scheme assets fell by 1.6 per cent and liabilities by 1.4 per cent. Despite the modest softening, funding levels remain robust, supported by the continued influence of higher discount rates."

ALT Our CIO stands at a podium speaking to an audience at a conference. On the screen is a presentation titled "Signals in the Noise: Building Pension Resilience in an Uncertain World" by Barry Kenneth, CIO of the Pension Protection Fund. The setting is a large conference room with attendees seated and listening attentive.

ALT A person wearing a hat sits on a bench by the seaside, petting a dog. The ocean and a cliff are visible in the background. The text reads: "The Pension Schemes Act supports us to improve the service we offer to our members and the schemes we protect.