That’s up from a surplus of £473.6bn at the end of June.

The funding ratio decreased slightly from 149.4% at the end of June to 148.5% in July.

Total assets were £1,455.9bn and and total liabilities were £980.4bn, according to the PPF.

There were 461 schemes in deficit and 4,589 schemes in surplus. The deficit of the schemes in deficit at the end of July was £3.4bn, down from £3.5bn at the end of June 2024.

Shalin Bhagwan, PPF chief actuary, said: "This month, both liabilities and assets rose as softening economic data raised confidence that the US Federal Reserve and Bank of England would soon follow the European Central Bank in cutting policy rates, causing risk-free yields to fall."

He said the proportionate rise in assets was outpaced by the proportionate rise in total liabilities: "Despite this, the aggregate surplus of eligible DB schemes is estimated to have increased over the month."

Sarah Elwine, actuarial director at independent consultancy Broadstone, said: “Funding remained steady with a slight uptick in the aggregate surplus.

“The figures largely do not take account of the Bank of England’s first rate cut in four years and the burst of market turbulence following the Fed’s rate hold and weaker than expected labour figures. It is a reminder to trustees and scheme managers that market volatility remains present especially as economies plot a route to lower rates.”

She said schemes should be reviewing their hedging ratio and even considering introducing hedging, where perhaps they have resisted previously. "Now is a good time for trustees and employers to leverage improved funding positions and also consider the impact of the regulator’s new funding code to agree on longer term plans.”

Charlotte Fletcher, business development actuary at Standard Life, said: “Despite macro-economic trends over recent weeks, including market volatility, and the Bank of England’s decision to cut interest rates, the de-risking market is likely to remain robust."

She said schemes continue to be a strong position to move forward with their endgame strategies.

Looking ahead, she said: "Effective preparation will continue to be critical, particularly with the publication of the TPR Defined Benefit funding code in July.”