Skip to main content
Menu
Log In

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.

May 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£215.5bn surplus

£202.5bn surplus

-£13.0bn

 Funding ratio 

124.7%

122.8%

 -1.9pp

 Total scheme assets

 £1,087.2bn

£1,089.5bn

+0.2% 

 Total scheme liabilities

 £871.7bn

£887.0bn 

+1.8% 

 Deficit of schemes in deficit

 £29.8bn

£33.1bn

+£3.3bn

 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:  

"Market volatility ratcheted up during April thanks to a string of announcements from the US regarding tariffs and broader trade policy. This increased uncertainty drove a flight-to-safety in global markets with bonds performing better than risky assets like equities. In the UK, ten-year fixed-interest yields were down by some 24 basis points across the month, while fifteen-year fixed-interest yields fell by 15 basis points.

"This contributed to an increase in liabilities and meant that the aggregate surplus fell for a third month in a row – down an estimated £13.0bn, from £215.5bn to £202.5bn. Meanwhile, the funding ratio fell by 1.9 percentage points to 122.8%."