Press releases

PPF launches consultation on updated valuation assumptions to reflect bulk annuity market developments

The Pension Protection Fund (PPF) has today launched a consultation on proposed changes to the assumptions used for valuations under sections 143 and 179 of the Pensions Act 2004.

PPF Annual Report 2025/26 shows delivery progress

The Pension Protection Fund (PPF) today published its 2025/26 Annual Report and Accounts detailing its success in delivering against its strategic priorities and business plan objectives over the past year.

Improved support for terminally ill PPF and FAS members

The Pension Protection Fund (PPF) has today announced that changes to terminal illness provisions for PPF and Financial Assistance Scheme (FAS) members have come into effect, following the Pension Schemes Act 2026. The change extends the life expectancy criterion from 6 months to 12 months.  

PPF publishes its 2025 Diversity Pay Gap Report

The Pension Protection Fund (PPF) has today published its 2025 Diversity Pay Gap Report, outlining the latest data on gender, ethnicity and disability and long-term health condition (LTHC) pay gaps.

PPF confirms Richard Beaven as Acting Chief Executive following the departure of Michelle Ostermann

The Pension Protection Fund (PPF) has today announced that Michelle Ostermann has stepped down as Chief Executive after two years with the organisation. Richard Beaven, currently Chief Operating Officer has been appointed Acting Chief Executive with immediate effect and has been appointed to the PPF Board as Executive Director. 

PPF confirms zero levy for 2026/27

The Pension Protection Fund (PPF) has today announced it will set a zero levy for next year (2026-27) for the c.5,000 conventional defined benefit (DB) schemes it protects. The decision marks the second consecutive year that conventional schemes will not be charged a PPF levy.  

PPF publishes 20th edition of The Purple Book

The Pension Protection Fund (PPF) has today published The Purple Book 2025, the 20th edition of its comprehensive analysis of the UK’s defined benefit (DB) pension landscape. This year’s publication shows aggregate DB funding levels remain strong.

PPF statement on pre-97 indexation Budget announcement

The Pension Protection Fund (PPF) has welcomed the government’s announcement that it intends to change the law to enable the payment of inflation increases on pre-97 pensions to PPF and Financial Assistance Scheme (FAS) members.

Pension Protection Fund announces the appointment of David Sproul to its Board

The Pension Protection Fund (PPF) is pleased to announce the appointment of David Sproul to its Board, with effect from 1 December 2025.

PPF consults on 2026/27 PPF levy

The Pension Protection Fund (PPF) has today announced that it will not charge a conventional PPF levy this year (2025/26). The move will benefit c.5,000 defined benefit (DB) schemes in the UK, saving them and their sponsoring employers collectively £45m.

The Pension Protection Fund (PPF) announces the publication of its first Sustainability Report

The Pension Protection Fund (PPF) is delighted today to share its first Sustainability Report, bringing together our responsible investment, climate change and operational sustainability actions into a single publication.

PPF confirms zero levy for 2025/26

The Pension Protection Fund (PPF) has today announced that it will not charge a conventional PPF levy this year (2025/26). The move will benefit c.5,000 defined benefit (DB) schemes in the UK, saving them and their sponsoring employers collectively £45m.