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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.

November 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£255.1bn surplus

£271.3bn surplus

+£16.2bn

 Funding ratio 

129.8%

130.5%

+0.7pp

 Total scheme assets

£1,112.2bn

£1,159.7bn

+4.3%

 Total scheme liabilities

£857.1bn

£888.4bn

+3.7%

 Deficit of schemes in deficit

£26.9bn

£24.8bn

-£2.1bn

 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:  

"The estimated aggregate funding position of the eligible DB universe continued to improve in October, reaching a surplus of £271.3bn at the month end, as UK and overseas equities performed well. The improvement in the aggregate position of DB schemes came despite a 3.7 per cent growth in liability values, fuelled largely by a decrease in bond yields after the US Federal Reserve restarted policy rate cuts and the gilt market gained confidence that the Budget would see a fiscal tightening. These changes saw the funding ratio increase by 0.7 percentage points, hitting a 22-month high of 130.5 per cent."

We've teamed up with Professional Pensions to bring you an exclusive first look at the findings in this year’s Purple Book on Thursday 4 December at 10am.

Our annual Purple Book provides a comprehensive picture of the defined benefit (DB) pensions landscape in the UK. In this webinar, our Chief Actuary, Shalin Bhagwan, and Actuary, James Emmott, will provide insights on key trends and emerging themes around scheme funding, demographics, and evolving asset allocations. 

 

Register for the live webinar