Pensions - Articles - PPF publish latest PPF7800 Index figures for June 2026

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.  

 

 

Aaron Pang, PPF Acting Chief Actuary, said: “Market conditions were relatively stable over June. Slightly lower bond yields led to modest increases in liability values, while rising equity markets contributed to a small improvement in the overall surplus position. Against this backdrop, the aggregate funding position of schemes in the PPF 7800 Index remained broadly unchanged. The 4,838 schemes in the index had an estimated surplus of £264.0 billion and a funding ratio of 131.1 per cent. The deficit of schemes in deficit increased by £1.4 billion to £21.8 billion, reflecting the application of PPF drift to some schemes in that group over the month.”

 

In our December 2025 update, we highlighted that the government had announced that it would legislate to allow us to pay prospective indexation starting from 2027 for service accrued pre-1997 for members of schemes who provided this as a right. As well as schemes that have already transferred to the PPF, this will also impact the s179 liabilities of schemes in the PPF universe. In April the Pension Schemes Act received Royal Assent. As we’ve signposted, we’ll reflect the impact from these changes in the PPF 7800 Index in due course.

 

View the July update and see the supporting data on the 7800 Index for 30 June 2026 here: The PPF 7800 index | Pension Protection Fund.