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

This edition follows publication of The Purple Book 2025. As such, we’ve updated the index – including retrospectively from March 2025 – to reflect the latest data.

 

In the government’s Autumn Budget, it announced it would legislate to allow us to pay prospective indexation from 2027 for service accrued pre-1997. Work is underway to enhance the 7800 to approximately quantify this change, and it will be implemented in the coming months. For now, the figures in the 7800 make no allowance for indexation on pre 97 pension. See the notes for editors for more detail on the estimated impact.

 

December update (at 30 November 2025) 

 

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: "Each December, after releasing The Purple Book, we update the 7800 Index. This ensures that our dataset is more up-to-date and provides a clearer picture of the schemes we protect, helping us better understand the risks we face. This means the figures quoted for last month (as at 31 October 2025) have been restated to reflect the new data we have access to.

 

“This month's 7800, using the latest data, paints a picture of stability in the estimated funding of the eligible universe of DB schemes, with gilt yields largely unchanged at the month-end and equity markets fairly flat throughout November. The s179 funding ratio inched up by 0.4 percentage points, as estimated liability values fell slightly more than estimated scheme assets values, while the aggregate s179 funding position improved by £2.7bn to a £257.6bn surplus."

 

View the December update and see the supporting data on the 7800 Index for 30 November 2025 here: The PPF 7800 index | Pension Protection Fund.