Chief Executive's review

Chief Executive's review

Oliver Morley's review of the year

Chief Finance Officer's review

Chief Finance Officer's review

Lisa McCrory reviews our financial performance

Read more from Oliver

Our Strategic Plan and priorities

We’ve successfully delivered the five ambitious priorities of our Strategic Plan for 2019-2022. Now we’re looking toward a new strategy and the next phase of our evolution.

“I became a PPF member a couple of years ago
after working at Johnston Press for 22 years.
I’d heard about the PPF before, as someone I
worked with was already a member.

“I would have lost a huge amount of money if
the PPF wasn’t there. I felt relieved when the
scheme transferred to the PPF as I knew the
money would be safe there.”





Sustainability sits at the heart of our decision making. Encouraging responsible practices is an integral part of how we operate as a business; protecting our investments and better serving our members and levy payers. We strive for best practice in Diversity and Inclusion, and we aim to make a difference in our community through our charity and volunteering programmes and embed the Greening Government commitments.

Read report

Our new Strategic Plan continues the
evolution of the PPF, bringing with it fresh challenges, opportunities and a renewed focus on making a difference, all within the context of the wider industry.

Kate Jones


Kate Jones
Chair’s statement
Kate Jones, Chair
Kate Jones took on the role of Chair in July 2021, after five years on the Board as a non-executive director.
Q How do you see the PPF’s role in the wider pensions industry?
A After spending all of my career in financial services, and specifically working with pension schemes, I’ve long been aware of the PPF, the work it does and the difference it makes. Since joining the Board in 2016 I’ve had the opportunity to talk to members about the ways in which they’ve been affected by the collapse of their pension scheme.

We play a vital role in the pensions landscape and the protection we provide is life-changing to those who need us. Before the Pensions Act of 2004 created the PPF and FAS, members of DB pension schemes had less protection than someone booking a holiday. We now have nearly 440,000 members, to whom we paid £1.1bn in 2021/22, and we protect a further 9.7m members of DB schemes.

While we have much to celebrate – including the many achievements outlined in this report – we have a still greater opportunity, and responsibility to do more.
Q What changes in the pensions industry will have the most impact on the PPF?
A The DB landscape is changing and evolving at pace. We’re seeing de-risking, buyouts, consolidators, new legislation, regulation, challenges to our levy – the list goes on. There is also increased pressure on trustees to invest responsibly and embrace ESG and sustainability, a longstanding priority of ours.

The Pensions Regulator (TPR)’s new anti-avoidance powers, which we welcome, are already having a deterrent effect, as trustees feel emboldened to challenge sponsors and press home the pension scheme’s case – thus protecting the PPF, in line with TPR’s objectives.

We’re competing for talent in a candidates’ market where purpose and authenticity matter more than ever. The pandemic has changed all of our lives permanently, everything from our ways of working to greater online engagement, and as an industry we need to be reflecting this in our approach.
Q How would you describe your vision as Chair of the PPF?
A This is going to be an exciting and challenging period as our new Strategic Plan continues the evolution of the PPF, bringing with it fresh challenges, opportunities and a renewed focus on making a difference, all within the context of the wider industry.

I see a really exciting opportunity to evolve the organisation, to deliver for those who need us and influence change in the wider world. We have learned – and will continue to learn – a great deal on our journey, and I want to see us share what we do more widely which may be of benefit to those who don’t have the scale that we do.

Pensions are complex and important. Every one of us will need long-term savings, yet the level of understanding and awareness in the UK is still very low.

The Pensions Minister has financial inclusion as part of his remit and I believe as an industry we have a responsibility to make the information we share clear, simple and accessible to everyone. The Pensions Dashboard will be an important step forward in improving financial planning and awareness, but I also believe financial education is key. Young people today are now responsible for credit card bills, student loans and their pensions, yet lack the confidence to manage these responsibilities effectively. Education about money at an early age begins to build the critical knowledge and behaviours needed for better financial well-being and I call on the wider industry to consider what each of us can do to help.
Q What priorities have you and the PPF’s leadership team set out in the new Strategic Plan?
A At the start of our new Strategic Plan, we stand poised on the solid foundations already created, with fresh challenges to consider. We have the opportunity, and responsibility, to take the PPF to the next stage of its journey.

Over the next three years we will implement changes to our funding strategy and ensure the standards you’d expect to find in any asset management organisation across our people, systems and processes.

We’ll continue to invest in and improve our services to maintain high levels of satisfaction for members and levy payers. This is alongside implementing the complex changes to member compensation and the Fraud Compensation Fund claims.

We’ll continue to lead the way with our responsible investment strategy and meeting our ambitious D&I targets. We’ll establish a new sustainability strategy and expand our valuable Corporate Social Responsibility work.

And lastly, we’ll embed our hybrid working approach, further build our digital capability and use the opportunities this gives us to deliver great outcomes for members and levy payers.
Q Finally, what has made you most proud over the year?
A Firstly, I am immensely proud of how much change people have delivered in what was another disrupted year, accomplishing the goals of the last Strategic Plan as well as developing the new one, against a challenging backdrop.

We delivered on our commitments and were recognised by members and levy payers alike for the high service standards we provide. Our employees genuinely care about the work that we do and the people we protect,
and that shines through in all that they do. We end this three-year period in a strong financial position, with real confidence in our ability to deliver for those who need us, now and in the future, for as long as they need us. These firm foundations underpin our future ambitions.

Jayne Nickalls will be stepping down from her non-executive role at the PPF at the end of her term, after six years. The Board and I would like to thank her here for all
she has contributed to the PPF, especially in the area of digital transformation.

I would also like to welcome Liz Woolman, who has recently joined us as a non-executive director. Liz has a wealth of experience in technology and financial services and I look forward to working with her.

Strategic priority

Sustainable funding in volatile times

Sustainable funding in volatile times