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Excellence in asset and liability management

Our reserves have grown over the year and we remain in a strong financial position. We entered a maturing phase in our funding journey, and we have been able to halve the PPF levy in 2023/24.

Making a difference

We were delighted to be recognised for our responsible investment approach this year.

We worked towards the launch of our sustainability strategy and continued to focus on investing in future leaders.

Meeting new challenges with brilliant service

Both our members and levy payers reported high satisfaction levels over the year, and we won awards for our excellent customer service. We added more improvements to our member website to make it easier to use.

Transforming how we work

We continued to make our digital services more efficient. We launched a new intranet that allows for seamless collaboration and introduced a new data platform that enables us to make better informed decisions.

Protecting and reassuring those who depend on us is central to everything we do. This responsibility is never more in focus than during periods of economic uncertainty.

Kate Jones


Kate Jones, PPF Chair

Key figures

Year PPF reserves Funding ratio Assets under management Return of growth assets PPF levy collected PPF benefits paid Actuarial liabilities
2023 £12.1bn 156% £32.5bn 1.9% £386m £1.2bn £20.3bn
2022 £11.7bn 137.9% £39bn 7.6% £476m £1.1bn £27.4bn


DWP review of the PPF

In December 2022, the Department for Work and Pensions (DWP) published the findings of its departmental review of the PPF. We’re pleased that this recent review by the DWP, has been positive.

“There is an opportunity for the PPF to share its good practice in certain areas more widely for the public benefit.

"My recommendations are therefore limited in number, focusing on areas where there is an opportunity to enhance rather than a need to rectify. In particular, there is an opportunity for the PPF to share its good practice in certain areas more widely and an opportunity for the DWP and the PPF to consider whether it and its expertise can be used in other ways for public benefit."

Lesley Titcomb, CBE
Lead reviewer of the DWP’s review of the PPF
I have found the PPF to be a well-run public body offering high standards of service and value for money to those who use it and pay for it... It is well-managed and well-governed and is highly regarded by the full range of its stakeholders.

Recent awards

Corporate Reporting Awards 2023 - Highly commended for the Most effective alignment with TCFD

PWC Building Public Trust Awards - Highly commended for our Annual Report 

Printed copy of ARA on wood surface

Download the PDF

View or download the PDF version of our Annual Report.