PPF 7800 index pension scheme funding
The Pension Protection Fund's monthly estimate of the funding position of the UK defined benefit pension schemes it protects, since March 2006: total assets, liabilities valued on the PPF's section 179 basis, the aggregate surplus or deficit and the funding ratio, for all schemes and separately for schemes in deficit and in surplus.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Scheme assets3 | ||||||||||||||||||||||||||||||||||||||
| All schemes | 1,092.3 | 1,093.3 | 1,112.6 | 1,109.6 | 1,087.6 | 1,105 | 1,161.3 | 1,123.1 | 1,120.6 | 1,118 | 1,119.9 | 1,078.6 | 1,064 | 1,087 | 1,086.5 | 1,064.1 | 1,073.6 | 1,068.1 | 1,124.1 | 1,125.1 | 1,105 | 1,150.5 | 1,132.8 | 1,160.6 | 1,165.7 | 1,162.5 | 1,138.9 | 1,137.2 | 1,119.7 | 1,167.1 | 1,207.1 | 1,198.4 | 1,243.7 | 1,160.8 | 1,104.5 | 1,129.3 | 1,162.3 | |
| Schemes in deficit | 118 | 120.2 | 125.1 | 124.7 | 123.1 | 119.8 | 118.1 | 116.3 | 120.4 | 121.5 | 122 | 123.4 | 125.6 | 126.9 | 132.4 | 131.1 | 145.1 | 137.5 | 155.6 | 145.5 | 154.3 | 154.2 | 151.1 | 162.7 | 161.4 | 160.8 | 157.3 | 152.9 | 157.4 | 164.3 | 150.2 | 165.9 | 137.3 | 135.2 | 148.5 | 136.5 | 127.9 | |
| Schemes in surplus | 974.3 | 973.1 | 987.5 | 984.9 | 964.5 | 985.2 | 1,043.2 | 1,006.8 | 1,000.2 | 996.5 | 997.9 | 955.2 | 938.4 | 960.1 | 954.1 | 933 | 928.5 | 930.6 | 968.5 | 979.6 | 950.7 | 996.3 | 981.7 | 997.9 | 1,004.3 | 1,001.7 | 981.6 | 984.3 | 962.3 | 1,002.8 | 1,056.9 | 1,032.5 | 1,106.4 | 1,025.6 | 956 | 992.8 | 1,034.4 | |
| Scheme liabilities (section 179 basis)3 | ||||||||||||||||||||||||||||||||||||||
| All schemes | 818.7 | 822 | 848.6 | 845.8 | 829.1 | 841.2 | 887.6 | 857.5 | 860.9 | 860.4 | 865 | 834.4 | 829.7 | 849.8 | 859.7 | 843.3 | 868.4 | 854.2 | 891.4 | 886.1 | 878.8 | 915 | 898.8 | 939.6 | 943.1 | 940.9 | 919.9 | 908.9 | 902.3 | 947.9 | 937.9 | 955 | 952 | 881.5 | 845.3 | 859.1 | 877 | |
| Schemes in deficit | 139.5 | 141.8 | 146.9 | 145.1 | 143.9 | 138.7 | 135.5 | 134.7 | 139.3 | 140.8 | 141.3 | 144.3 | 148.1 | 148 | 154.5 | 153.9 | 169.9 | 159.3 | 181.2 | 169.6 | 179.9 | 177 | 173.4 | 186.5 | 184.8 | 184 | 180.8 | 173.7 | 180.1 | 185.2 | 182.4 | 202.8 | 160 | 163.2 | 181.9 | 166.9 | 152.5 | |
| Schemes in surplus | 679.2 | 680.2 | 701.7 | 700.7 | 685.2 | 702.5 | 752.1 | 722.8 | 721.6 | 719.6 | 723.7 | 690.1 | 681.6 | 701.8 | 705.2 | 689.4 | 698.5 | 694.9 | 710.2 | 716.5 | 698.9 | 738 | 725.4 | 753.1 | 758.3 | 756.9 | 739.1 | 735.2 | 722.2 | 762.7 | 755.5 | 752.2 | 792 | 718.3 | 663.4 | 692.2 | 724.5 | |
| Surplus or deficit (assets less liabilities)3 | ||||||||||||||||||||||||||||||||||||||
| All schemes | 273.6 | 271.3 | 264 | 263.8 | 258.5 | 263.8 | 273.7 | 265.6 | 259.7 | 257.6 | 254.9 | 244.2 | 234.3 | 237.2 | 226.8 | 220.8 | 205.2 | 213.9 | 232.7 | 239 | 226.2 | 235.5 | 234 | 221 | 222.6 | 221.6 | 219 | 228.3 | 217.4 | 219.2 | 269.2 | 243.4 | 291.7 | 279.3 | 259.2 | 270.2 | 285.3 | |
| Schemes in deficit | -21.5 | -21.6 | -21.8 | -20.4 | -20.8 | -18.9 | -17.4 | -18.4 | -18.9 | -19.3 | -19.3 | -20.9 | -22.5 | -21.1 | -22.1 | -22.8 | -24.8 | -21.8 | -25.6 | -24.1 | -25.6 | -22.8 | -22.3 | -23.8 | -23.4 | -23.2 | -23.5 | -20.8 | -22.7 | -20.9 | -32.2 | -36.9 | -22.7 | -28 | -33.4 | -30.4 | -24.6 | |
| Schemes in surplus | 295.1 | 292.9 | 285.8 | 284.2 | 279.3 | 282.7 | 291.1 | 284 | 278.6 | 276.9 | 274.2 | 265.1 | 256.8 | 258.3 | 248.9 | 243.6 | 230 | 235.7 | 258.3 | 263.1 | 251.8 | 258.3 | 256.3 | 244.8 | 246 | 244.8 | 242.5 | 249.1 | 240.1 | 240.1 | 301.4 | 280.3 | 314.4 | 307.3 | 292.6 | 300.6 | 309.9 | |
| Number of schemes2 | ||||||||||||||||||||||||||||||||||||||
| Schemes in deficit | 1,000 | 1,017 | 1,018 | 1,012 | 1,048 | 1,023 | 963 | 991 | 1,006 | 1,014 | 1,012 | 1,084 | 1,139 | 1,113 | 1,163 | 1,207 | 1,321 | 1,264 | 1,278 | 1,237 | 1,294 | 1,251 | 1,267 | 1,326 | 1,318 | 1,311 | 1,309 | 1,297 | 1,354 | 1,299 | 1,336 | 1,457 | 1,195 | 1,287 | 1,413 | 1,350 | 1,242 | |
| Schemes in surplus | 3,838 | 3,821 | 3,820 | 3,826 | 3,790 | 3,815 | 3,875 | 3,847 | 3,832 | 3,824 | 3,826 | 3,754 | 3,699 | 3,725 | 3,675 | 3,631 | 3,517 | 3,574 | 3,691 | 3,732 | 3,675 | 3,718 | 3,702 | 3,643 | 3,651 | 3,658 | 3,660 | 3,672 | 3,615 | 3,670 | 3,714 | 3,593 | 3,855 | 3,763 | 3,637 | 3,700 | 3,808 | |
| Aggregate funding ratio (assets / liabilities) | 133.4 | 133 | 131.1 | 131.2 | 131.2 | 131.4 | 130.8 | 131 | 130.2 | 129.9 | 129.5 | 129.3 | 128.2 | 127.9 | 126.4 | 126.2 | 123.6 | 125 | 126.1 | 127 | 125.7 | 125.7 | 126 | 123.5 | 123.6 | 123.5 | 123.8 | 125.1 | 124.1 | 123.1 | 128.7 | 125.5 | 130.6 | 131.7 | 130.7 | 131.5 | 132.5 |
Latest reading
All schemes stood at £273.6bn in Aug 2026. That is +£2.3bn from Jul 2026 and +£39.3bn from a year earlier. The series on this page is monthly and runs from Mar 2006 to Aug 2026. Source: Pension Protection Fund — PPF 7800 index.
- Latest
- £273.6bn
- Aug 2026
- vs previous period
- +£2.3bn
- Jul 2026
- vs a year earlier
- +£39.3bn
About this data
The Pension Protection Fund's monthly estimate of the funding position of the UK defined benefit pension schemes it protects, since March 2006: total assets, liabilities valued on the PPF's section 179 basis, the aggregate surplus or deficit and the funding ratio, for all schemes and separately for schemes in deficit and in surplus. Steps in the series in 2008, 2009, 2011, 2014, 2016, 2018, 2021 and 2023 come from changes in the PPF's actuarial assumptions, not from markets.
Frequently asked questions
- What does the PPF 7800 index measure?
- The PPF 7800 index measures the estimated aggregate funding position of UK defined benefit pension schemes eligible for protection by the Pension Protection Fund, comparing scheme assets against section 179 liabilities.
- What is the section 179 valuation basis used by the PPF?
- The section 179 basis estimates the cost of securing compensation benefits equivalent to PPF levels with an insurance company if an eligible UK defined benefit pension scheme were to wind up.
- How often is the PPF 7800 index published and how far back does it go?
- The Pension Protection Fund publishes the PPF 7800 index monthly, providing continuous UK defined benefit pension funding figures starting from 2006.
- Why do step changes occasionally appear in the PPF 7800 series?
- Discontinuities in the series arise periodically from updates to the Pension Protection Fund's actuarial assumptions rather than from monthly movements in investment markets.
