PPF marks a productive year in its 2023/24 Annual Report

• Strong financial position maintained 
• Growth portfolio delivered a return of 7.2 per cent over the year 
• Maintained excellent customer satisfaction score of 98 per cent 
• Concluded calculations and, where possible, made payments to members requiring an uplift owing to Hampshire or uncapping 
• Completed 21 Fraud Compensation Fund cases 
• 90 per cent of the Climate Watchlist companies made disclosures on their emissions in the year 

The Pension Protection Fund (PPF) has today published its 2023/24 Annual Report and Accounts, highlighting its strong investment performance and continued customer service excellence. 

The report shows the PPF has maintained its strong funding position. Despite an uncertain inflation and interest rate backdrop, investment returns helped its reserves grow from £12.1bn last year to £13.2bn. The PPF’s growth portfolio delivered a return of 7.2 per cent over the year. The Fund’s assets under management stood at £32.1 billion as at the end of March 2024. Robust funding enabled the PPF to continue to reduce its levy collection and confirm its lowest ever levy estimate of £100m for 2024/25.   

The PPF – which protects 8.9 million members in defined benefit (DB) schemes – continued to deliver excellent service for its more than 400,000 PPF and FAS members, with 98 per cent of members saying they were satisfied or very satisfied with PPF service. It additionally concluded the complex implementation of calculations and, where possible made payments to members due uplifts owing to the Hampshire judgment and removal of the PPF cap; and made notable progress assessing claims to the Fraud Compensation Fund (FCF), completing 21 cases, including the Norton Motorcycles scheme.  

In line with its Sustainability Strategy, the report also highlights that the PPF met its stewardship target to demonstrate excellence in responsible investment, with 90 per cent of the Climate Watchlist companies in its investment portfolio making disclosures on emissions. As part of its Community Impact programme, PPF employees surpassed their target to spend 500 days volunteering in the community this year. 

Kate Jones, Chair of the PPF, said: “In a year of change where the PPF has moved increasingly into the spotlight, I‘m pleased that we’ve continued to deliver for our existing members and levy payers. We’ve engaged productively with stakeholders over the past year and will continue to ensure that the voices of our members, levy payers, and DB members are heard – their interests remain at the forefront of our work.”        

Michelle Ostermann, Chief Executive Officer, who joined in April 2024, said: “I am very proud to have taken the reins at the PPF – a world-class and highly regarded institution – at such a pivotal time for the UK pensions industry. As we enter an exciting new chapter, I look forward to building on the PPF’s highly successful investment and member services capabilities.”     


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Notes to Editors  

About the PPF  
 
The Pension Protection Fund (PPF) is a public corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the UK since 2005. The PPF is run by an independent Board and accountable to Parliament through the Secretary of State for the Department for Work and Pensions. It protects close to 8.9 million members belonging to more than 5,000 pension schemes. If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF pays compensation for their lost pensions. The PPF is funded by a levy charged to eligible schemes, the return on its investments, assets from pension schemes transferred into the PPF, and recoveries from insolvent employers.  
 
The PPF is one of the UK’s largest asset owners with over £32 billion of assets under management. Separate and additionally to the PPF, it also administers the Fraud Compensation Fund (FCF), the government’s Financial Assistance Scheme (FAS). It looks after nearly 440,000 members across PPF and FAS.  

For further press information contact:

PPF Press Office
020 8406 2107
[email protected]
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