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 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£263.8bn surplus	£264.0bn surplus	+£0.2bn
Funding ratio	131.2%	131.1%	-0.1pp
Total scheme assets	£1,109.6bn	£1,112.6bn	+0.3%
Total scheme liabilities	£845.8bn	£848.6bn	+0.3%
Deficit of schemes in deficit	£20.4bn	£21.8bn	+£1.4bn
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.

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View the index history

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Previous updates

2026

2025

2024

2023

Older updates are available on request.

Aaron Pang, Acting Chief Actuary, said:

"Market conditions were relatively stable over June. Slightly lower bond yields led to modest increases in liability values, while rising equity markets contributed to a small improvement in the overall surplus position.

“Against this backdrop, the aggregate funding position of schemes in the PPF 7800 Index remained broadly unchanged. The 4,838 schemes in the index had an estimated surplus of £264.0 billion and a funding ratio of 131.1 per cent. The deficit of schemes in deficit increased by £1.4 billion to £21.8 billion, reflecting the application of PPF drift to some schemes in that group over the month."