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Today we’ve published our Annual Report and Accounts, which looks back at our achievements and challenges over the last financial year, outlines our financial performance and describes our progress against our strategic objectives.  

We’ve summarised our achievements and ambitions below. 

Excellence in asset and liability management 

We paid £1.2bn to our members in the last financial year and remain in a strong financial position.  

Our reserves have grown to £12.1 billion over the year, which are held for future claims, and we’ve increased our funding ratio to 156 per cent.  

We’ve entered a maturing phase in our funding journey, and we have been able to halve the PPF levy in 2023/24. 

Read more about our funding performance.

Making a difference 

We recently published our sustainability strategy, bringing together our work and ambitions in responsible investment, D&I, stakeholder engagement, Community Impact and managing our operational footprint. 

Our strategic aim is to catalyse the growth of a more sustainable pensions industry and clearly demonstrate our commitment to doing the right thing, making a difference and leading by example. 

Sustainability lies at the heart of our decision making and has been a priority throughout our recent digital transformation. 

Read more about how we are making a difference. 

Meeting new challenges with brilliant service 

Our member and levy payer satisfaction score is over 90 per cent this year, and we won awards for excellent customer service.  

We added more improvements to our member website to make it easier to use as well as launching a bereavement notification tool. 

The Fraud Compensation Fund (FCF) has been processing and validating the claims received to date and completed 10 cases in 2022/23. 

Read more about brilliant service.

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. 

Read more about how we work. 

DWP review 

The report also highlighted the departmental review which included recommendations for the PPF to share its good practice in certain areas more widely, and for the DWP and the PPF to consider whether it and its expertise can be used in other ways for public benefit.   

Our Chief Executive Officer, Oliver Morley, said: “As we mark the end of another eventful year, I am pleased to report that we’ve been successful in achieving our objectives for 2022/23.  

“Despite all the challenges we’ve seen over the year, including market volatility, we’ve continued to deliver on our mission, move forward with our Strategic Plan, and meet our goals.”

Read more about the annual report.