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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.

December 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£254.9bn surplus

£257.6bn surplus

+£2.7bn

 Funding ratio 

129.5%

129.9%

+0.4pp

 Total scheme assets

£1,119.9bn

£1,118.0bn

-0.2%

 Total scheme liabilities

£865.0

£860.4bn

-0.5%

 Deficit of schemes in deficit

£19.3bn

£19.3bn

No change

 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.

 

View the full update

View

View the index history

View

Previous updates

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary, said:  

"Each December, after releasing The Purple Book, we update the 7800 Index. This ensures that our dataset is more up-to-date and provides a clearer picture of the schemes we protect, helping us better understand the risks we face. This means the figures quoted for last month (as at 31 October 2025) have been restated to reflect the new data we have access to.

"This month's 7800, using the latest data, paints a picture of stability in the estimated funding of the eligible universe of DB schemes, with gilt yields largely unchanged at the month-end and equity markets fairly flat throughout November. The s179 funding ratio inched up by 0.4 percentage points, as estimated liability values fell slightly more than estimated scheme assets values, while the aggregate s179 funding position improved by £2.7bn to a £257.6bn surplus."