Service at the heart of what we do
Despite the difficult circumstances, we’ve kept service at the heart of what we do. We’ve continued to beat our target of 90 per cent customer satisfaction, with 98 per cent of PPF and FAS members feeling satisfied with the service they’ve received.
Although our membership has grown, we’ve continued to surpass our targets, dealing with over 99 per cent of cases in under five days.
We’ve also successfully renewed our Service Mark, awarded by the Institute of Customer Service. Since we first applied for the Service Mark, we’ve shown consistent improvement across both our member and staff survey scores.
It was a real blessing when the PPF took over
“When Carillion went bankrupt, I was concerned because they had taken the pension provision of my former employer, Mowlem. I had quite a good final salary pension scheme with them, so obviously I was worried about what would happen to it now.
"I appreciated that the PPF were quick to write to me and tell me what was happening. It was a real blessing when they took over.
“Even though I’m eligible, I’ve not yet started taking my benefits. I have thought about it and had independent advice on the pros and cons.
“I’ve used the Benefit Modeller on the PPF website to work all sorts of different permutations and options if I retire at different times and with
different drawdowns. That’s been a real help, and because it’s so easy to use and informative, it’s by far the best comparison tool from all of the pensions I have.”
Securing the best outcomes for overfunded schemes in assessment
The collapse of any employer with a DB pension scheme is an extremely stressful time for its members. We know that people need certainty about their future as soon as possible, whether that means transferring to us, or not.
We’ve seen a trend of schemes entering assessment with enough assets to buy higher benefits for members than we would pay, which means they can secure a buyout with an insurance company. Although our processes were originally designed to support members from underfunded schemes, we’ve used our experience and expertise to introduce new ways of supporting these better-funded schemes too.
One of the key actions we’ve taken is to appoint a panel of buyout experts that can help schemes secure an insurance company buyout faster, as we work with the panel to develop standardised processes, timeframes and costs. Historically, this has sometimes been a time consuming and costly process with a huge amount of uncertainty for members. The specialist panel will provide consistency and efficiency to the process. Our aim is for these schemes to exit the PPF assessment period as seamlessly as possible and ensure they secure the best possible outcome for members outside the PPF.