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.

February 2026 update

Highlights

Item	Last month	This month	Change
Aggregate funding position	£259.7bn surplus	£265.6bn surplus	+£5.9bn
Funding ratio	130.2%	131.0%	+0.8pp
Total scheme assets	£1,120.6bn	£1,123.1bn	+0.2%
Total scheme liabilities	£860.9bn	£857.5bn	-0.4%
Deficit of schemes in deficit	£18.9bn	£18.4bn	-£0.5bn
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

View

View the index history

View

Previous updates

2026

PPF_7800_January_2026

2025

2024

2023

Older updates are available on request.

Shalin Bhagwan, PPF Chief Actuary, said:

"The PPF-eligible DB universe's funding position strengthened slightly over the last month, with the funding ratio increasing to 131.0 per cent from 130.2 per cent at the end of last month and the aggregate surplus reaching £265.6 billion, compared with a surplus of £259.7 billion at the end of December 2025.

"The increase in schemes’ funding position resulted from a 0.2 per cent increase in total scheme assets, to £1,123.1 billion, and a 0.4 per cent decrease in total scheme liabilities, to £857.5 billion. These movements were driven in large part by a mixed bag of shifts in bond yields over the month - with yields on fixed interest indices moving up but, consistent with increases in inflation expectations, real yields falling, while equity markets saw positive returns."