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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.

April 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£232.7bn surplus

£215.5bn surplus

-£17.2bn 

 Funding ratio 

126.1%

124.7%

 -1.4pp

 Total scheme assets

 £1,124.1bn

£1,087.2bn

-3.3% 

 Total scheme liabilities

 £891.4bn

£871.7bn 

-2.2% 

 Deficit of schemes in deficit

 £25.6bn

£29.8bn

+£4.2bn

 Number of schemes in universe

 4,969

4,969 

 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

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View the index history

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Previous updates

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary said:  

"Yields in government bonds rose both globally and domestically through March, with the market digesting news that the German parliament agreed to an easing of their debt brake and substantial package of fiscal easing, whilst at home markets reacted to the increased forecast for aggregate gilt sales over the next 5 years following the Chancellor’s Spring Statement. 

"This saw the estimated liabilities of schemes eligible for the PPF fall by 2.2 per cent in contrast to a larger 3.3 per cent fall in estimated total scheme assets. The result being a modest reduction in the estimated funding ratio, by 1.4 percentage points, to 124.7 per cent, while the estimated aggregated funding position fell by £17.2bn to a £215.5bn surplus."