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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.

April 2024 update


  • The aggregate surplus of the 5,050 schemes in the PPF 7800 Index is estimated to have increased over the month to £455.5 billion at the end of March 2024, from a surplus of £442.3 billion at the end of February 2024.
  • The funding ratio increased from 146.1 per cent at the end of February 2024 to 146.5 per cent.
  • Total assets were £1,434.3 billion and total liabilities were £978.8 billion.
  • There were 497 schemes in deficit and 4,553 schemes in surplus.
  • The deficit of the schemes in deficit at the end of March 2024 was £3.4 billion, down from £3.9 billion at the end of February 2024

For a more in-depth look at the monthly changes to our data please see the link to the supporting data below.


Shalin Bhagwan, PPF Chief Actuary said: “The positive movements that we reported in March’s PPF 7800 index update have carried through into this month, with the estimated aggregate surplus of eligible schemes increasing by £13.2 billion to £455.5 billion and the deficit of schemes in deficit falling to £3.4 billion. 
"These changes come despite a 2.1 per cent increase in the liabilities of schemes in the DB universe, due to a fall in bond yields, following indications from central banks that they are likely to reduce policy rates in the coming months. This was due to the 2.4 per cent growth in assets held by schemes outpacing the rise in liabilities, with equities performing well over the past month – which will have particularly benefitted schemes investing in return seeking assets. As a result of these changes, we’re reporting a marginal increase in the funding ratio of 0.4 per cent through March to 146.5 per cent."