people's futures

Annual report & accounts


Our duty is to protect millions of people throughout the UK who belong to defined benefit (DB) pension schemes. When these schemes fail, we’re here to support their members.

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Arnold Wagner OBE

Arnold Wagner OBE

“When so many people are suffering worries and uncertainties about their livelihood and their financial security, our responsibility is to reassure those who depend on us, now and in the future, that we remain financially robust, that the delivery of their compensation will be uninterrupted and that the service we offer will be as excellent as ever.”

Read the Chair’s statement
Oliver Morley

Oliver Morley

"These have been worrying times indeed, but a crisis often brings out the best in many of us. Our ability to withstand instability since 2005 is a strength. We will never be complacent but I am glad to say that we have - so far - weathered this particular storm well."

Read the Chief Executive’s review

Key figures 2019/20

We use these measures to monitor our activities

PPF benefits paid
Assets under management
Probability of success
Funding ratio
Actuarial liabilities
Cost per member per year
FAS members
Investment return
Members in PPF assessment
Customer satisfaction score
PPF levy collected
Number of employees

Our strategic priorities

Sustainable funding in volatile times

Our mission is to pay all of our current and future members for the rest of their lives. In order to do this, we charge a levy on eligible pension schemes and seek to generate returns on the assets we hold.

To help keep the costs to levy payers stable, we model our funding over the long term towards an assumed point which we call our funding horizon – currently 2030.
As the funding horizon draws closer, our approach will need to shift to ensure we have neither too much nor too little in reserve.

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London Gateway

Together with Legal and General Investment Management, we worked to refinance the construction of the London Gateway port in 2016. London Gateway is a semi-automated deep-sea container port…

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Did you know?

This year we asked people who downloaded ‘The Purple Book’ how they use it, which sections they find most useful and what else they’d like to see in future editions. Feedback was very positive, with 100 per cent of respondents saying they find the publication useful. We’ll use the feedback to make improvements to future editions.

Stakeholder comments: “It is an indispensable source of information on private sector DB, and is greatly appreciated.” “A unique and incredibly valuable publication.” “A terrific document in which its authors should take pride!”

Built for innovation

We operate in a rapidly changing environment – not just in terms of the scale of the claims we must manage, but in the expectations of our members and levy payers, developments in technology and in the institutional and regulatory landscape in which we operate.

In order to be successful in this environment we must be an agile, innovative business, able to identify and respond to opportunities as they present themselves.

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Workforce management tool

Thanks to the introduction of our new Workforce Management Tool, our contact centre is now reaping the benefits of increased efficiency through improved resource planning,…

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Did you know?

We now manage the majority of our invested assets in-house, which gives us complete control over the portfolio. We can react quickly and efficiently to market movements while adhering to strict governance standards.

Brilliant service for members and schemes

We know our members and levy payers do not have a choice in using our service. This has reinforced our ambition to focus hard on the award-winning standard of service we deliver.

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A member’s words

"I would like to say that one of your representatives was absolutely amazing and fantastic today. She was so clear and precise and got all the information that I required… straight away. And I must congratulate you on being so, so professional and thorough."

Did you know?

We want to raise the bar for the industry as a whole. We’ve been breaking down the boundaries on what was thought to be possible by developing new services for DB members. We talk to many pension schemes about our innovations. We hope this will improve both the automation and member

experience in an industry often thought to lag behind in this area because of the sheer complexity of pensions.

The best of financial and public services culture

Our culture is demonstrated from the top down, in the behaviours and values we exhibit, and the way we deal with challenges. We span the public and private sectors, with our employees drawn from both.

This is a key strength for the organisation and one which we are developing further. In order to focus better on our members and levy payers, we draw on the best of the financial services industry, including the standards by which they are held to account.

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Taylor employee

“When I arrived at the PPF for my interview, the recruitment team who did my first interview were very welcoming and approachable. They allowed me time to think…”

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Did you know?

We aim to be an employer of choice for women. We’re proud of the focus we’ve put into encouraging a positive work-life balance and for our family-friendly policies. We also know his is not limited to women and recognise the wider benefits of allowing men to share childcare and caring commitments.

Of the 10 men who took paternity leave in the last year, half of them also took shared parental leave. The national rate of uptake for this could be as low as two per cent, according for the Department for Business, Energy and Industrial Strategy, so we’re encouraged that our culture allows men to feel able to take this opportunity.

Clear value for money

We’re growing and we’re determined to manage that growth efficiently, utilising our increased scale to drive productivity.

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Value for money

We undertook a value for money review, examining all significant expenditure for the previous 18 months and looking forward a year.

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Did you know?

We reduced our operating expenses by six per cent in 2019/20.

Making a difference in our community

2019/20 was another successful year for our Corporate Social Responsibility (CSR) programme. Following the success of the previous year, our employees chose to continue our charitable partnership with Mind in Croydon.

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Barry Kenneth
Our Chief Investment Officer

"I've known people who have struggled with their mental health and I think it’s great that there’s far more discussion and awareness now than ever before, but there’s still a way to go. Thankfully, there are a lot of terrific organisations out there doing incredible things."

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Previous annual reports