12.06.2025
Maintaining our robust financial position
With another year of excellent investment performance, we remain in a robust financial position, which is good news for our members, levy payers and the 8.8 million members of defined benefit pension schemes. Our growth portfolio performed positively over the year, with a return on growth assets of 6.0 per cent. Our reserves have grown from £13.2 billion in 2024 to £14.1 billion in 2025.
Achieving ServiceMark for excellent customer service
Our members are at the heart of what we do, and we maintained our excellent customer service levels for both our members and our levy payers.
We retained our accreditation to the Institute of Customer Service’s ServiceMark for another three years, and also achieved ServiceMark with Distinction for the first time, joining just 28 other UK companies that hold this accolade.
This year, we also completed a record 45 Fraud Compensation Fund (FCF) cases, more than doubling the previous year’s total, benefiting over 2,300 people.
Confirming our lowest ever levy estimate
During the year we confirmed our lowest ever levy estimate for the year ahead, with an estimate of £45 million for 2025/26.
Our levy rules for 2025/26 include a provision that enables our Board to calculate a zero conventional levy, if appropriate legislative changes that would give us greater flexibility in setting the levy are sufficiently progressed over the course of the year.
Continuing to make an impact
Across the year our investments supported significant economic growth and a made a real difference to communities across the UK.
Research published by Frontier Economics in April showed that almost half of our investments are invested in the UK. They collectively contribute to supporting £38.8 billion of UK economic activity, 460,000 jobs, and £7.5 billion in tax contributions.
Michelle Ostermann, our CEO, said, “It’s a proud moment in our history as we mark twenty years of the PPF protecting UK defined benefit pensions, while acknowledging there is more for us to do and deliver for those who rely on us for protection – now and in the future.
“We will continue working hard in the best interests of our members and levy payers and believe it is the right time to reduce costs for levy paying schemes and their employers, as well as to consider the levels of indexation we pay our members. Having reached a position of financial maturity, our focus now is on working with government to drive change that benefits all of our members and levy payers.”
Kate Jones, our Chair, added, “This year has been one of reflection on how far we’ve come, but also looking ahead to the challenges and opportunities for the future. While our financial strength further underpins our ability to protect the pensions of our current and future members, we fully recognise this also brings responsibility and opportunities to work with government to progress the issues that matter most to our members and levy payers.
"The PPF has therefore welcomed the Pension Schemes Bill, which contains measures which would benefit PPF members and levy payers and will act quickly and effectively to implement any changes passed by Parliament.”
To read more about our achievements throughout the year and to download the full report, visit our Annual Report 2024/25 webpage.
