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.

August 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£264.0bn surplus	£271.3bn surplus	+£7.3bn
Funding ratio	131.1%	133.0%	+1.9pp
Total scheme assets	£1,112.6bn	£1,093.3bn	-1.7%
Total scheme liabilities	£848.8bn	£822.0bn	-3.1%
Deficit of schemes in deficit	£21.8bn	£21.6bn	-£0.2bn
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:

"While equity markets performed positively during July, gilt yields matched global markets in rising through the month as a resumption of hostilities in the Middle East increased concerns about an inflation shock. Falling bond prices, which drove gilt yields higher, led to a reduction in both asset and liability values across the PPF eligible universe, reflecting DB schemes' significant allocation to bonds.

Overall, across the eligible universe, funding levels improved as the 3.1% fall in liability values was greater than the 1.7% drop in assets. This resulted in a stronger aggregate surplus of £271.3bn and a funding ratio of 133% - the highest recorded since July 2023."