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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 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

 £235.5bn surplus

£226.2bn surplus

-£9.3bn 

 Funding ratio 

125.7%

125.7%

 No change

 Total scheme assets

 £1,150.5bn

£1.105.0bn 

-4.0% 

 Total scheme liabilities

 £915.0bn

£878.8bn 

-4.0% 

 Deficit of schemes in deficit

 £22.8bn

£25.6bn

+£2.8bn

 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

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View the index history

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Previous updates

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary said:  

“This month’s 7800 index release shows the impact of rising bond yields on estimated pension scheme asset and liability values, both of which decreased by 4 per cent through December, owing to stickier inflation and a signal from the US Federal Reserve that they will be slower to cut rates in 2025, as well as equities falling slightly over the same period.

“These movements have led to a £9.3 billion decrease in the estimated aggregate surplus, albeit with the funding ratio holding steady at 125.7 per cent, while the deficit of schemes in deficit (as measured on a s179 basis) grew slightly, to £25.6 billion. As schemes mature or reach their end game, their prudent approach to interest rate and inflation hedging may mean they are increasingly overhedged on a s179 basis.”