Our reserves have grown over the year and we remain in a strong financial position. We entered a maturing phase in our funding journey, and we have been able to halve the PPF levy in 2023/24.
We were delighted to be recognised for our responsible investment approach this year. We worked towards the launch of our sustainability strategy and continued to focus on investing in future leaders.
Both our members and levy payers reported high satisfaction levels over the year, and we won awards for our excellent customer service. We added more improvements to our member website to make it easier to use.
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.
Protecting and reassuring those who depend on us is central to everything we do. This responsibility is never more in focus than during periods of economic uncertainty.
| Year | PPF reserves | Funding ratio | Assets under management | Return of growth assets | PPF levy collected | PPF benefits paid | Actuarial liabilities |
|---|---|---|---|---|---|---|---|
| 2023 | £12.1bn | 156% | £32.5bn | 1.9% | £386m | £1.2bn | £20.3bn |
| 2022 | £11.7bn | 137.9% | £39bn | 7.6% | £476m | £1.1bn | £27.4bn |
In December 2022, the Department for Work and Pensions (DWP) published the findings of its departmental review of the PPF. We’re pleased that this recent review by the DWP, has been positive.
“There is an opportunity for the PPF to share its good practice in certain areas more widely for the public benefit.
"My recommendations are therefore limited in number, focusing on areas where there is an opportunity to enhance rather than a need to rectify. In particular, there is an opportunity for the PPF to share its good practice in certain areas more widely and an opportunity for the DWP and the PPF to consider whether it and its expertise can be used in other ways for public benefit."
View or download the PDF version of our Annual Report.
