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.

September 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£271.3bn surplus	£273.6bn surplus	+£2.3bn
Funding ratio	133.0%	133.4%	+0.4pp
Total scheme assets	£1,093.3bn	£1,092.3bn	-0.1%
Total scheme liabilities	£822.0bn	£818.7bn	-0.4%
Deficit of schemes in deficit	£21.6bn	£21.5bn	-£0.1bn
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.

Aaron Pang, Acting Chief Actuary, said:

"During August, movements in assets and liabilities were relatively modest across the PPF eligible universe. Asset values edged down by 0.1%, while liability values fell by 0.4%, resulting in a slight improvement in overall funding. The aggregate surplus increased to £273.6bn and the funding ratio rose to 133.4%, reflecting the continued resilience of DB scheme funding levels despite ongoing market uncertainty."