The aggregate surplus of UK defined benefit (DB) schemes rose by £7.1bn in September 2026 to £280.7bn, according to the latest figures from the Pension Protection Fund (PPF).

The PPF 7800 Index revealed that the aggregate funding ratio increased by 1.6 percentage points during the month, from 133.4 per cent in August to 135 per cent.

The PPF said this was driven by a 2.1 per cent fall in total scheme liabilities from £818.7bn in August to £801.2bn at the end of September, compared with a 1 per cent fall in total DB scheme assets from £1,092.3bn to £1,081.9bn over the same period.

Meanwhile, the aggregate deficit of schemes in deficit fell by £1bn, from £21.5bn to £20.5bn in September 2026.

The PPF 7800 Index provides the latest estimate of the funding position, on a section 179 basis, of the 4,838 DB pension schemes potentially eligible to enter the PPF.

PPF acting chief actuary, Aaron Pang, said the latest figures show the aggregate funding position of the PPF eligible universe strengthened during September.

“At £801.2bn, liabilities are now at their lowest level since 2007, reflecting the impact of higher gilt yields and underlining the continued strength of DB scheme funding,” he said.

The PPF noted that the Pension Schemes Act 2026, which received Royal Assent in April, will introduce prospective indexation from 2027 for certain pre-1997 accrued benefits, affecting the section 179 liabilities of schemes within the PPF universe. The changes will be reflected in the 7800 Index in due course.

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