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.

June 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£258.5bn surplus	£263.8bn surplus	+£5.3bn
Funding ratio	131.2%	131.2%	No change
Total scheme assets	£1,087.6bn	£1,109.6bn	+2.0%
Total scheme liabilities	£829.1bn	£845.8bn	+2.0%
Deficit of schemes in deficit	£20.8bn	£20.4bn	-£0.4bn
Number of schemes in universe	4,838	4,838	No change

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

In our December 2025 update, we highlighted that the government had announced that it would legislate to allow us to pay prospective indexation starting from 2027 for service accrued pre-1997 for members of schemes who provided this as a right. As well as schemes that have already transferred to the PPF, this will also impact the s179 liabilities of schemes in the PPF universe. In April, the Pension Schemes Act 2026 received Royal Assent. We intend to reflect the impact of these changes in the PPF 7800 index in due course.

View the full update

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View the index history

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Previous updates

2026

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary, said:

"During May, market sentiment continued to be shaped by the energy uncertainty from the conflict in the Middle East. Asset and liability values of the PPF eligible DB universe increased over the month as bond yields eased slightly. Softer data releases and optimism on conflict resolution helped to bring down inflation expectations and reduced market confidence that central banks will tighten policy later in the year. At the same time, overseas equity markets continued to perform well, supported by resilient corporate earnings - particularly in the US - and ongoing investor optimism around AI-driven growth.

Against this backdrop, the PPF 7800 index recorded a £5.3bn increase in the estimated aggregate funding position, taking it to a surplus of £263.8bn. The funding ratio remained steady at 131.2 per cent, as both scheme asset and liability values rose by 2.0 per cent."