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.

March 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£265.6bn surplus	£273.7bn surplus	+£8.1bn
Funding ratio	131.0%	130.8%	-0.2pp
Total scheme assets	£1,123.1bn	£1,161.3bn	+3.4%
Total scheme liabilities	£857.5bn	£887.6bn	+3.5%
Deficit of schemes in deficit	£18.4bn	£17.4bn	-£1.0bn
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:

"The aggregate surplus rose by £8.1 billion to £273.7 billion in February. There were positive returns on all asset classes, causing aggregate assets to rise by over 3 per cent, and the corresponding reduction in gilt yields caused liabilities to rise by a similar percentage. Early March has brought renewed volatility as geopolitical developments affect inflation expectations and interest‑rate outlooks, underlining that funding levels remain sensitive to market conditions even as they continue to show resilience."