The Department of Work and Pensions (DWP) has recently published an important review that concludes the PPF is a ‘well-run public body offering high standards of service and value for money to those who use it and pay for it’.
Public bodies under the remit of government departments are often reviewed to provide assurance, ensure good governance, and challenge their continuing need and efficiency. We’re pleased that this recent review by the DWP, which looked at our work last year between January and April 2022, has been positive.
The review was led by Lesley Titcomb, former CEO of The Pensions Regulator, supported by a small review team from DWP. They used the standard format for such reviews and focussed specifically on:
- governance and strategy, and whether we offer value for money
- our relationship with the DWP and our range of stakeholders
- how we manage risk and our investments
- our purpose and how efficient our operations are
A range of industry stakeholders were also interviewed as part of the review, including trade bodies, schemes, experts, and government officials, ensuring a wide range of perspectives and opinions were considered.
There were several recommendations proposed for us to further improve in future, such as:
- looking at ways we could strengthen our working relationship with the DWP
- sharing our practice in certain areas more widely considering whether our expertise can be used in other ways for public benefit
These recommendations were given as ‘an opportunity to enhance rather than a need to rectify’.
Kate Jones, PPF Chair, said, “We welcome this review from the DWP, and we’re pleased to see the positive feedback on our governance and strategy. The Board and Executive Committee are already considering the recommendations and how we can act on these in line with our strategic priorities.”
Read the full review.