We've published The Purple Book 2025

We’ve published The Purple Book 2025, the most comprehensive data and analysis of the UK defined benefit (DB) pension landscape. This year's Purple Book is our 20th edition.  

The Purple Book, also known as the Pensions Universe Risk Profile, highlights trends in DB scheme funding, demographics and asset allocation. It provides us with an in-depth understanding of the risks we face from the universe of schemes we protect to help us model the level of claims we may need to absorb in years to come.  

We’ve published The Purple Book annually since 2006, this year’s publication is our 20th edition. It shows that following the significant improvements seen in recent years, funding levels across DB schemes have remained strong.  

The Purple Book 2025 reports that: 

• The number of DB schemes in the PPF’s eligible universe fell from 4,974 in March 2024 to 4,840 in March 2025
• The aggregate funding ratio has increased over the last year, from 123 per cent in March 2024 to 125 per cent in March 2025
• On an estimated full buy-out basis, the net funding position improved from a deficit of £69.5 billion in March 2024 to a deficit of £47.2 billion in March 202 
• Schemes continued to invest a large proportion of their assets in bonds (70.6 per cent)
• The proportion of scheme assets invested in equities fell slightly from 15.5 per cent in March 2024 to 15.1 per cent in March 2025
• The proportion of assets held in annuities is a record high (13 per cent)  

“In our 20th anniversary year, the 20th edition of the Purple Book provides valuable insight into the data and long-term trends shaping the UK corporate, defined benefit universe.” said Shalin Bhagwan, our Chief Actuary.  

“This universe has significantly matured over the past two decades and this is increasingly reflected in asset allocations which, in turn, explains the stability over the past year. And while section 179 funding levels remain robust, the £47.2bn deficit on a buy-out basis is a reminder that as more schemes approach their endgame, the need for thoughtful long-term planning remains vital.” 

We celebrated the launch of this year's Purple Book with a live webinar hosted by Professional Pensions. Shalin Bhagwan along with Actuary, James Emmott, gave an exclusive preview of the Purple Book and answered a range of questions from attendees.