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 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£273.7bn surplus	£263.8bn surplus	-£9.9bn
Funding ratio	130.8%	131.4%	+0.6pp
Total scheme assets	£1,161.3bn	£1,105.0bn	-4.8%
Total scheme liabilities	£887.6bn	£841.2bn	-5.2%
Deficit of schemes in deficit	£17.4bn	£18.9bn	+£1.5bn
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 the government’s Autumn statement, it announced it would legislate to allow us to pay prospective indexation, from 2027, for service accrued pre-1997 to members whose original schemes promised such increases. When this is finalised, we will update the PPF 7800 index accordingly. For now, the figures in the index make no allowance for indexation on pre-97 pension.

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.

Shalin Bhagwan, PPF Chief Actuary, said:

“Global markets were highly volatile through March as the escalation of the US–Israel–Iran conflict triggered a global energy supply shock. Although equities stabilised towards the end of the month following indications of possible ceasefire talks, markets still ended March lower overall. At the same time, higher oil and gas prices pushed up inflation expectations, driving gilt yields higher and flipping market pricing for the UK from expecting rate cuts in 2026 to rate hikes.

"Against this backdrop, the PPF‑eligible universe saw a £9.9bn fall in the aggregate funding position, reflecting weaker equity markets. However, the funding ratio improved by 0.6 percentage points to 131.4 per cent, as liabilities fell, highlighting the resilience of DB funding and the extent to which higher discount rates can offset market stress."