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The PPF 7800 index

Every month we publish the PPF 7800 index giving the latest estimated funding position for all eligible defined benefit schemes - on a section 179 basis. The index is an official statistic produced in accordance with the UK Statistics Authority Code.

March 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£239.0bn surplus

£232.7bn surplus

-£6.3bn 

 Funding ratio 

127.0%

126.1%

 -0.9pp

 Total scheme assets

 £1,125.1bn

£1,124.1bn

-0.1% 

 Total scheme liabilities

 £886.1bn

£891.4bn 

+0.6% 

 Deficit of schemes in deficit

 £24.1bn

£25.6bn

+£1.5bn

 Number of schemes in universe

 4,969

4,969 

 No change


For a more in-depth look at the monthly changes to our data please see the link to the index history below.

 

View the full update

View

View the index history

View

Previous updates

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary said:  

“Despite markets experiencing considerable intra-month volatility in February in response to geo-political news and frequent announcements on tariff policy, the aggregate moves over the month were relatively muted.

“This resulted in little change across PPF 7800 index metrics at the month-end, with the estimated aggregate surplus falling slightly to £232.7bn, from £239.0bn in January, and the funding ratio edging down by 0.9 percentage points to 126.1 per cent.”