The aggregate surplus of the 5,050 schemes in the PPF 7800 Index grew to an estimated £476bn at the end of September 2024, up only slightly on the £475bn reported at the end of August 2024, figures from the Pension Protection Fund’s (PPF) 7800 Index showed.

According to the index, total assets stood at £1,458.8bn and total liabilities were £982.8bn. It also showed 4,587 schemes were in surplus.

However, 463 schemes were in deficit, but again the figures showed little change; the deficit at the end of September had risen slightly to £3.6bn, up from £3.5bn at the end of the previous month.

PPF’s chief actuary, Shalin Bhagwan, said: “The 7800 index tells a story of stability over the last month, with very little change in aggregate asset and liability values as, although index-linked gilt and FTSE All-Share indices did see some downward movement, the latter was offset by positive by overseas equity moves, while bond yield movements between the month-ends were generally small.”

Bhagwan added: “For the estimated funding ratio, this led to a small increase from 148.2 per cent at the end of August 2024 to 148.4 per cent at the end of September 2024.

"There were similarly minor movements in the estimated aggregate surplus, which saw a £1bn increase to £476.0bn, and the deficit of the schemes in deficit, which rose by £100m to £3.6bn.”

Commenting on the figures, Broadstone’s actuarial director Sarah Elwine said: “Defined benefit (DB) pension scheme funding continues to remain steady as we enter the final few months of the year. It sets the foundation for a period of intense activity in the de-risking market, especially given the strong pipelines recently stated by insurers through their half-year reporting cycle.”

Th PPF’s 7800 Index gives the most up-to-date estimated funding position of DB schemes potentially eligible for entry to the PPF.

It is 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.

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