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’re entering the third year of our Strategic Plan. Our five strategic priorities are the areas we’re focusing on to set new standards for innovation, assurance and service.

When Woolworths collapsed it was such a stressful situation, thinking that the large investment I’d made in my pension and my future might be wiped out completely.

When the PPF stepped in it was a relief to know that my investment was safe. They gave me back a sense of security.

The website has answered all the ‘little questions’ I’ve had and the Benefit Modeller is really useful and easy to use, with lots of choices.

It’s meant I haven’t had to always phone customer services but on the odd occasion I do, they’re always very helpful.

Helen Randles

PPF member

Helen Randles

What we do and why it matters

Our purpose is to protect the future of millions of people throughout the UK who belong to defined benefit (DB) pension schemes. When these schemes fail, we’re ready to help.

We do this by paying our members, by charging a levy and by investing sustainably.

Our work has a real impact on people’s lives, so whatever we do, we strive to do it well, with integrity and with their future in mind.

Key figures

Browse the measures below to see how we’re monitoring our activities and how we’ve performed this year.

View annual report

How we are funded

As you can see in the chart below, we raise the money we need to pay our member benefits and running costs in four ways:


Assets from pension schemes transferred to us


The return we make on our investments


The levy we charge on eligible pension schemes


Recovered assets we secure from insolvent employers

Our ICARE values

We strive to do the best work we can do, underpinned by our values of integrity, collaboration, accountability, respect and excellence.


Doing the right thing


Working as one


Owning our actions and their outcomes


Valuing every voice


Being our best

Arnold Wagner OBE, Chair, 2016-2021 - decoration

I remain tremendously proud of how everyone at the PPF, in every area of our work, has pulled together with an unwavering focus on what we are here to do.

Arnold Wagner OBE, Chair, 2016-2021

Chair’s statement

Arnold Wagner, Chair of the Board, 2016-2021

Arnold Wagner stepped down as Chair of the PPF at the end of his tenure, on 30 June 2021. Here he shares his reflections on the 2020/21 year.

"This is our second annual report since the COVID-19 pandemic began. I am pleased to report that the defined benefit pension scheme members who we protect can rest assured that the PPF remains financially strong and that it can be relied upon to continue to fulfil its mission.

"This report shows the many ways in which PPF colleagues have adapted to ensure we continue to serve all our stakeholders throughout the recent crisis.

"I will highlight just a couple of points here.

"We have made some significant achievements in diversity and inclusion (D&I), becoming a Disability Confident Leader and publishing our ethnicity pay gap and ethnicity representation targets. This is a work in progress, however, everyone in the PPF should be pleased with the progress made and the commitment to not rest there.

"I’d like to congratulate Sara Protheroe, our Chief Customer Officer and Executive Director, who was awarded an OBE in 2020 for services to pensioners. This accomplishment is testament to Sara’s commitment to our members and her success in continuously improving their experience of the PPF.

"As I leave the PPF at the end of June after over 10 years on the Board, the last five as Chair a lot has changed over that decade. It's the people in the PPF who, through their passion and dedication, have made it possible for the organisation to adapt and to continue to deliver positively for all our stakeholders. They have made my time here a privilege and a pleasure. I will remember it with deep gratitude. I am delighted that Kate Jones has been appointed to become Chair and I wish her every success."

Kate Jones, Chair of the Board, July 2021 - decoration

I look forward to working closely with our Board, executive team and employees to continue to protect the futures of all who depend on us.

Kate Jones, Chair of the Board, July 2021

Kate Jones

Chair of the Board, July 2021

I am proud to have the opportunity to lead the PPF through the next important phase of its evolution as we look to our future, building on the strong results delivered in the challenging 2020/21 year. On behalf of the Board I’d like to thank Arnold Wagner for his leadership and significant contribution to the PPF over the last 10 years.

Our priority remains to offer the very best protection to those who rely on us, while working with our levy payers, government, partner organisations and other critical stakeholders to constantly improve, innovate, and set new standards.

The 2021/22 financial year brings an opportunity to look ahead as we develop the strategic plan to take us forward for the next three years to ensure we can confidently deliver for those who need us now and in the future, whatever challenges they face.

Throughout my five years on the Board I have been impressed with the dedication and care shown by our employees. I look forward to working closely with our Board, executive team and employees to continue to protect the futures of all who depend on us.

Strategic priority

Sustainable funding in volatile times

Sustainable funding in volatile times