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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 2024 update


• The aggregate surplus of the 5,050 schemes in the PPF 7800 Index is estimated to have increased over the month to £473.6 billion at the end of June 2024, from a surplus of £468.8 billion at the end of May 2024.
• The funding ratio stayed the same at 149.4 per cent from the end of May 2024 to the end of June 2024.
• Total assets were £1,432.5 billion and total liabilities were £958.9 billion.
• There were 451 schemes in deficit and 4,599 schemes in surplus.
• The deficit of the schemes in deficit at the end of June 2024 was £3.5 billion, down from £3.6 billion at the end of May 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 story of the past month has largely been one of stability with the estimated funding ratio staying level with its position at the end of May - at 149.4 per cent - as a 1.1 per cent increase in liabilities was matched by an equal increase in assets held by eligible DB schemes. The primary driver behind the increase to both the liabilities and the assets was the small decrease to yields on fixed-interest gilts, after the Bank of England hinted that a cut in policy rates might be on the cards in August. 

"As a result of these minor movements, the aggregate surplus of eligible DB schemes is estimated to have increased over the month to £473.6 billion at the end of June, up £4.8 billion from the end of May, while the deficit of the schemes in deficit is estimated to have fallen by £100 million to £3.5 billion.”