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.

May 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£263.8bn surplus	£258.5bn surplus	-£5.3bn
Funding ratio	131.4%	131.2%	-0.2pp
Total scheme assets	£1,105.0bn	£1,087.6bn	-1.6%
Total scheme liabilities	£841.2bn	£829.1bn	-1.4%
Deficit of schemes in deficit	£18.9bn	£20.8bn	+£1.9bn
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:

“Market conditions remained challenging through the month as persistent inflation pressures and elevated energy prices kept global bond yields high. Expectations of further central bank tightening continued to build, with UK gilt yields rising as investors reassessed the path of monetary policy. Against this backdrop, risk asset performance was mixed and bond markets remained under pressure.

"Within this environment, the PPF 7800 index recorded a £5.3bn fall in the aggregate funding surplus, taking it to £258.5bn. The funding ratio dipped to 131.2 per cent, as scheme assets fell by 1.6 per cent and liabilities by 1.4 per cent. Despite the modest softening, funding levels remain robust, supported by the continued influence of higher discount rates."