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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.

February 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

 £226.2bn surplus

£239.0bn surplus

+£12.8bn 

 Funding ratio 

125.7%

127.0%

 +1.3%

 Total scheme assets

 £1,105.0bn

£1,125.1bn

+1.8% 

 Total scheme liabilities

 £878.8bn

£886.1bn 

+0.8% 

 Deficit of schemes in deficit

 £25.6bn

£24.1bn

+£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

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Previous updates

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary said:  

“This month’s PPF 7800 Index indicates that aggregate defined benefit (DB) scheme funding strengthened in January. The estimated aggregate surplus rose by almost £13bn to £239bn, further illustrating the continued strength and resilience of DB scheme funding.

“There was significant intra-month volatility in gilts, as markets tried to weigh up the impact of tariffs on growth and inflation, although yields settled a few basis points lower than at the end of December. This, coupled with strong growth in UK and global equities, drove higher increases in both equity and bond asset values relative to the increase in liabilities, with the net result being improved overall funding.”