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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.

June 2025 update

Highlights

Item

Last month

 This month

 Change

 Aggregate funding position

£202.5bn surplus

£221.1bn surplus

+£18.6bn

 Funding ratio 

122.8%

125.6%

 +2.8pp

 Total scheme assets

 £1,089.5bn

£1,083.6bn

-0.5%

 Total scheme liabilities

 £887.0bn

£862.5bn 

-2.8%

 Deficit of schemes in deficit

 £33.1bn

£30.9bn

-£2.2bn

 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:  

"Global government bond yields rose during May with heightened concerns around whether markets can absorb heavy government borrowing over the coming years, driven by the US budget starting to pass through Congress and dislocations in Japanese government bond markets. This caused DB schemes’ asset and liability values to fall.

"Meanwhile, equity markets continued to rebound from April’s lows as the US continued to make progress on trade talks, notably with the UK. This partly offset the fall in the value of bond assets, meaning that funding levels of PPF-eligible DB schemes improved, with the estimated aggregate surplus increasing by £18.6bn to reach £221.1bn, and the and the funding ratio rising by 2.8 percentage points, to 125.6 per cent."