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This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF). A scheme’s s179 liabilities represent, broadly speaking, the premium that would have to be paid to an insurance company to take on the payment of PPF levels of compensation. This compensation may be lower than full scheme benefits. 


  • The aggregate surplus of the 5,131 schemes in the PPF 7800 Index is estimated to have increased over the month to £437.0 billion at the end of June 2023, from a surplus of £430.9 billion at the end of May 2023.
  • The funding ratio increased from 145.1 per cent at the end of May 2023 to 145.8 per cent.
  • Total assets were £1,390.3 billion and total liabilities were £953.3 billion.                                      
  • There were 479 schemes in deficit and 4,652 schemes in surplus.                                      
  • The deficit of the schemes in deficit at the end of June 2023 was £2.3 billion, down from £2.4 billion at the end of May 2023.

Shalin Bhagwan, newly appointed PPF Chief Actuary said: “The 7800 index registered two records this month – the highest ever aggregate surplus and lowest ever shortfall for schemes in deficit, since the 7800 index was first published in 2007. This has ultimately resulted in a slight improvement in the funding ratio by 0.7 percentage points to 145.8%, a substantial increase on a funding ratio of 122.0% at the end of June 2022.

These figures suggest improved funding levels across defined benefit pension funds and were principally driven by returns on equity markets, with UK and overseas equities registering month-on-month returns of 1% and 3% respectively. Higher gilt yields over June also meant a small reduction in liabilities and this was another driver of the improved funding position.”

View the July update and see the supporting data on the 7800 Index for 30 June 2023 here.

Shalin Bhagwan joined the PPF as Chief Actuary on 3 July 2023, succeeding Lisa McCrory who is stepping down after thirteen years at the PPF.  Shalin’s biography can be found here.