Skip to main content

A scheme’s 179 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 deficit of the 5,422 schemes in the PPF 7800 Index is estimated to have decreased to £128.5 billion at the end of April 2020, from £135.9 billion at the end of March 2020.
  • The funding ratio increased from 92.5 per cent at the end of March 2020 to 93.1 per cent.
  • Total assets were £1,745.6 billion and total liabilities were £1,874.1 billion.
  • There were 3,503 schemes in deficit and 1,919 schemes in surplus.

* The deficit of the schemes in deficit at the end of April 2020 was £256.4 billion, up from £254.1 billion at the end of March 2020.

Lisa McCrory, PPF Chief Finance Officer & Chief Actuary, said: “The PPF 7800 Index is a snapshot in time that informs our long-term view of schemes in deficit. This month the funding level increased by 0.6 percentage points to 93.1 per cent and the aggregate deficit figure also improved to £128.5bn at the end of April 2020.

“Over the year to date, very large movements in asset and liability values have been observed, but the actual impact on individual schemes may differ depending on their investment strategy. Although aggregate funding has deteriorated over the year, the current aggregate deficit is in line with the average deficit figure of around £135bn over the past 10 years, and is smaller than the deficit figure of over £400bn in 2016.

“We remain mindful that the UK economy continues to face challenging times in the months ahead. While there is still a significant level of risk in the DB pensions universe, we remain confident that our funding strategy and investment approach put us in a good position to get through the current market conditions and future challenges.”

View the monthly changes to our data or view the full update.


For further press information contact:
PPF Press Office
020 8406 2107
[email protected]