Pensions - Articles - PPF publish latest PPF7800 figures for December 2025

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.  

 

 

Shalin Bhagwan, PPF Chief Actuary, said: "The funding position of the PPF-eligible universe saw little change over the course of December 2025 as, overall, global equity markets experienced a fairly flat month and yields on long-dated gilts rose marginally. Though small, the changes seen were positive, with the estimated aggregate funding position increasing by £2.1bn to £259.7bn and the funding ratio rising by 0.3 percentage points to 130.2 per cent.

 

However, when stepping back and considering the position of the PPF-eligible universe over the course of the last year - the funding ratio in December 2024 stood at 125.7 per cent, 4.5 percentage points lower than it is today - there has been a clear strengthening of aggregate funding."

 

View the January update and see the supporting data on the 7800 Index for 31 December 2025 here: The PPF 7800 index | Pension Protection Fund.