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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.

August 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£230.5bn surplus

£241.1bn surplus

+£10.6bn

 Funding ratio 

126.2%

127.7%

 +1.5pp

 Total scheme assets

 £1,110.3bn

£1,112.0bn

+0.2%

 Total scheme liabilities

 £879.8bn

£870.9bn 

-1.0%

 Deficit of schemes in deficit

 £28.7bn

£28.1bn

-£0.6bn

 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

2025

2024

2023

Older updates are available on request.

Aaron Pang, Head of Actuarial Financial Management, said:  

"Long-dated government bond yields moved higher during July in response to global fiscal policy decisions, leading to a fall in estimated liability values across the PPF-eligible DB universe. Meanwhile, despite the accompanying slight reduction in bond values, estimated asset values rose overall, owing to large gains in equity markets. This followed a series of trade deal announcements contributing to all-time highs in global stock markets. As a result of these movements, the estimated aggregate funding position of the DB universe increased by £10.6 bn, reaching a surplus of £241.1 bn at the month end, while the funding ratio rose by 1.5 percentage points, to 127.7 per cent."