Our year in review: 2025/26

We’ve published our Annual Report and Accounts 2025/26, highlighting a year of strong delivery for our members, continued financial resilience and major progress in implementing legislative changes.

Legislative changes benefiting members and levy payers

Last year, we worked closely with the Department for Work and Pensions to support the Department in the development of the Pension Schemes Act 2026. This new law introduced six measures which deliver benefits for PPF and FAS members, and members of the DB schemes we protect.  

Crucially, the Act enables us to pay inflation-linked increases of up to 2.5 per cent per year, on pre-1997 benefits, where members’ former scheme rules provided for them, from January 2027. We’ve begun contacting the 300,000 eligible members who will benefit from this.

The Act provides us with more flexibility to set the PPF levy, supporting the move to a zero PPF levy for conventional schemes for 2025/26 and 2026/27, and abolished the PPF Administration Levy from 2026/27.

Continuing to deliver for our members

We continued to deliver outstanding levels of customer service. We surpassed our 90 per cent member satisfaction target with a score of 97.4 per cent. We paid £1.2bn in compensation to members during the year.  

We also completed 37 Fraud Compensation Fund cases, resulting in payments of more than £100 million, benefitting over 2,770 victims of pension fraud.

Maintaining our financial resilience

Our growth portfolio delivered a 7.1 per cent annual return, adding around £1.3bn to our future claims and risk reserves. Our liability-driven investments helped keep our funding position stable as market conditions changed. Our assets under management increased from £31.1 billion in March 2025 to £31.5 billion on 31st March 2026.

This robust financial position is good news for our members, levy payers and members of DB pension schemes. 

Our Acting CEO, Richard Beaven, said, “We’ve made excellent progress in the past year delivering on our core purpose, protecting members, and on our business priorities. 

Last year we focused on protecting members’ interests, delivering high standards of service, maintaining our financial resilience, and strengthening the organisation for the future. 

As our focus now shifts to implementing the significant package of PPF and FAS changes from the Pension Schemes Act, the groundwork we’ve put in place means we’re on track to deliver. 

As we embark on an important year of delivery ahead, we will continue to work collaboratively with all our stakeholders.”

View our Annual Report 2025/26.