Pensions - Articles - Pension Protection Fund publish PPF 7800 Index for July 2021


This update provides the latest estimated funding position, 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.

 Highlights
 • The aggregate surplus of the 5,318 schemes in the PPF 7800 Index is estimated to have decreased over the month to £62.4 billion at the end of July 2021, from a surplus of £99.0 billion at the end of June 2021.
 • The funding ratio decreased from 105.8 per cent at the end of June 2021 to 103.5 per cent.
 • Total assets were £1,849.7 billion and total liabilities were £1,787.3 billion.
 • There were 2,600 schemes in deficit and 2,718 schemes in surplus.
 • The deficit of the schemes in deficit at the end of July 2021 was £142.2 billion, up from £117.7 billion at the end of June 2021.

 Lisa McCrory, PPF’s Chief Finance Officer and Chief Actuary, said: “Over the past month we’ve seen a slight decrease in the aggregate funding position for the 5,318 UK defined benefit pension schemes we protect. This is due to a fall in bond yields, which saw the funding ratio decreasing by 2.3 percentage points to 103.5%.

 “The number of schemes in deficit increased marginally to 2,600, and the total shortfall of these schemes increased by £24.5 billion to £142.2 billion. This increase highlights the ongoing risk to the PPF and how sensitive scheme funding is to yield changes.”

 View the full update for July on the PPF 7800 Index home page

  For a more in-depth look at the monthly changes to our data please go to

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