07.11.2024
LONDON- 23 October 2025 - the Pension Protection Fund (PPF) is delighted today to share its first Sustainability Report, bringing together our responsible investment, climate change and operational sustainability actions into a single publication.
The report outlines how the PPF invests, focusing on delivering the best returns for our nearly 290k members, while minimising investment risk and reducing the impact our own activity has on the environment. The report also explains how we support UK and global reporting initiatives such as the UK Stewardship Code and the Task Force for Climate-related Financial Disclosures (TCFD) to tackle climate change and other financially material issues. Finally, we detail how stakeholders such as our members and levy payers can view our latest voting and engagement activities, reflecting our commitment to transparent communication with the communities we serve.
Barry Kenneth, Chief Investment Officer, said “With more than £31 billion in assets under management, we can make a significant impact on environmental, social and corporate governance (ESG) issues through thoughtful stewardship of our investment portfolio. We recognise that serving our members includes a duty to invest responsibly and sustainably, so whether investing directly or via external managers who we appoint to invest on our behalf, we seek to engage with investments which do not adequately incorporate ESG considerations and embed our responsible investment principles throughout our portfolios.
“We continue to grow the proportion of our portfolio tracked against key ESG criteria, especially climate-related metrics for monitoring and measurement,” added Claire Curtin, Head of ESG and Sustainability. “In 2024/25, our external stewardship services provider engaged with 697 (versus 667 in 2023/24) companies that we invest in on a variety of topics spanning environmental (39%); social (25%); governance (29%); and strategy, risk and communication (8%) matters. Our report includes multiple case studies to help bring our work to life and reflects investments held in the UK and around the world. The transparency and measurable progress outlined in the report give us confidence that our investments are delivering long-term value, while aligning with our core values of sustainability.”
In the coming year, the PPF will continue to engage with our external asset managers, issuers and other stakeholders to keep advancing standards so that we can understand and manage the risks we face.
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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 8.8 million members belonging to almost 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 has over £31 billion assets under management. Separate and additionally to the Pension Protection Fund, it also administers the Fraud Compensation Fund (FCF), the government’s Financial Assistance Scheme (FAS). It looks after over 400,000 members across the PPF and FAS.
