Investments return 5.2 per cent – the same as in 2018/19 – despite market turbulence caused by the Covid-19 pandemic, and assets grew from £32.1bn to £36.1bn.
PPF reserves decreased at the end of the year to £5.1bn at 31 March 2020, reflecting the impact of markets’ reaction to the pandemic on the PPF’s return-seeking assets.
Lisa McCrory, Chief Finance Officer, said “Our strategy is built to withstand periodic market shocks. Our long-term, low-risk investment approach and our hedging programme performed as intended, protecting the PPF and limiting the impact of market turbulence.
“While our reserves decreased year-on-year, we’ve seen a good recovery in the current financial year. We expect the macroeconomic situation to be tough for the foreseeable future but we’re confident in our ability to protect all current and future members.”
The report also provides an update on the PPF’s progress against its strategic objectives for 2019-22, including:
- building the foundations for a full review of the PPF’s funding strategy in 2021/22;
- improving efficiency in member services; and
- enabling levy payers of all sizes to better understand their levy and influence the development of our policies.
Oliver Morley, Chief Executive, said: “We will never be complacent but the PPF has coped well throughout the COVID-19 crisis. Our operations were uninterrupted, we maintained high levels of customer satisfaction and we made very good progress on our Strategic Plan.”
The PPF now has around 425,000 members, comprising 277,000 PPF members and 148,000 FAS members.
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