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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.

January 2026 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£257.6bn surplus

£259.7bn surplus

+£2.1bn

 Funding ratio 

129.9%

130.2%

+0.3pp

 Total scheme assets

£1,118.0bn

£1,120.6bn

+0.2%

 Total scheme liabilities

£860.4bn

£860.9bn

+0.1%

 Deficit of schemes in deficit

£19.3bn

£18.9bn

-£0.4bn

Number of schemes in universe

4,838

4,838

 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:  

"The funding position of the PPF-eligible universe saw little change over the course of December 2025 as, overall, global equity markets experienced a fairly flat month and yields on long-dated gilts rose marginally. Though small, the changes seen were positive, with the estimated aggregate funding position increasing by £2.1bn to £259.7bn and the funding ratio rising by 0.3 percentage points to 130.2 per cent.

"However, when stepping back and considering the position of the PPF-eligible universe over the course of the last year - the funding ratio in December 2024 stood at 125.7 per cent, 4.5 percentage points lower than it is today - there has been a clear strengthening of aggregate funding."