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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.

July 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£221.1bn surplus

£230.5bn surplus

+£9.4bn

 Funding ratio 

125.6%

126.2%

 +0.6pp

 Total scheme assets

 £1,083.6bn

£1,110.3bn

+2.5%

 Total scheme liabilities

 £862.5bn

£879.8bn 

+2.0%

 Deficit of schemes in deficit

 £30.9bn

£28.7bn

-£2.2bn

 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.

Shalin Bhagwan, PPF Chief Actuary said:  

"After a month of fluctuating fortunes in government bond markets, which ultimately ended with overall lower yields, the PPF-eligible DB universe experienced an increase in their estimated liability values. However, this rise in liability values was outpaced by the growth in DB schemes' estimated asset values, driven by positive returns over the month for all asset classes, and particularly overseas equities, on the back of favourable economic data and better-than-expected corporate earnings reports. Overall, these changes led to a modest increase in its aggregate funding position, moving up by £9.4 bn to reach a surplus of £230.5bn, while the funding ratio improved slightly, reaching 126.2 per cent at the month end."