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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.

May 2024 update


  • The aggregate surplus of the 5,050 schemes in the PPF 7800 Index is estimated to have increased over the month to £458.3 billion at the end of April 2024, from a surplus of  £455.5 billion at the end of March 2024.
  • The funding ratio increased from 146.5 per cent at the end of March 2024 to 148.8 per cent.
  • Total assets were £1,398.0 billion and total liabilities were £939.7 billion.
  • There were 505 schemes in deficit and 4,545 schemes in surplus.
  • The deficit of the schemes in deficit at the end of April 2024 was £3.8 billion, up from £3.4 billion at the end of March 2024.


For a more in-depth look at the monthly changes to our data please see the link to the supporting data below.


Shalin Bhagwan, PPF Chief Actuary said: “In the last month, we’ve seen the estimated aggregate surplus of eligible defined benefit pension schemes continue to rise – with a £2.8 billion increase over the course of April to £458.3 billion, while the funding ratio increased by 2.3 per cent to 148.8 per cent. These changes resulted from a 4 per cent fall in liability values – largely driven by a sharp rise in government bond yields – which offset a 2.5 per cent fall in assets held across the eligible universe. 
"However, despite the overall positive movements, there was a slight increase in the deficit of schemes in deficit, which grew to £3.8 billion. This reflects the higher proportion of assets invested in classes which saw the largest reductions in value over the month, in particular bonds."