The Pension Protection Fund (PPF) has announced that it is placing the invoicing for the 2025/26 levy year on hold, with a further update on progress expected this autumn. In January 2025, the PPF published levy rules estimating a £45m charge—a 50% reduction from 2024/25—and included a provision to apply a zero conventional levy if legislative changes contained in the Pension Schemes Bill progress sufficiently. The Bill, which contains provisions giving the PPF greater flexibility in determining whether and how much levy to impose on eligible schemes, is scheduled to be debated in Parliament during autumn 2025. The PPF is set to monitor progress on the Bill before making a final decision on the 2025/26 levy. Mean scores will still be published as normal while invoicing is paused to allow the legislative process to conclude, preserving the possibility of a zero levy for conventional schemes.

The Pension Protection Fund (PPF) has produced an article covering how it has been supporting overfunded schemes. In part due to a boost in employer contributions and rising interest rates, on average, now more than half of schemes that enter the PPF’s assessment period are overfunded. Historically, the PPF’s processes were geared towards assessing underfunded schemes and so it has remodelled its processes and involvement to help overfunded schemes. In 2022 it announced the PPF+ Advisory Panel. It has helped support 26 schemes work towards securing deals outside of the PPF in the past two years. The PPF also states that it is working closer with insurers and commercial consolidators to provide end-game solutions to Defined Benefit (DB) schemes. However, the PPF expects that the challenges that smaller schemes face in achieving buyout will become more pronounced; but it hopes this will be helped by the government’s commitment to establish a public sector consolidator for DB pension schemes by 2026.

The Pension Protection Fund (PPF) proposal of a £100m levy estimate for 2025/26 is the lowest levy ever set. The six week consultation seeks stakeholder views on both the proposed levy, as well as the proposed approach to levy collection. Changes to the methodology will allow the PPF to continue spreading the cost of the levy across a broad pool of risk-based levy payers, and the PPF will continue to engage with the government on legislative change which could enable the levy to be reduced even further, possibly even to zero. The PPF is also making it simpler for schemes to get levy credit for deficit reduction contributions, reflecting stakeholder feedback. The deadline for responses is 23 October 2024.

The Pension Protection Fund (PPF) has published its 2024/25 Annual Report, which reveals that as of March 2025, the PPF held assets of £31.2bn compared to £17bn in liabilities from transferred schemes, ensuring a strong financial position. Its reserves increased to £14.1bn, supported by a 6.0% return on its growth portfolio. The report also highlights a record number of fraud resolutions, with 45 Fraud Compensation Fund cases completed—more than twice the number from the previous year—and benefiting over 2,300 individuals.

The Pension Protection Fund (PPF) has published its Annual Report and Accounts for 2023/24, reporting that it remains in a strong financial position with its reserves increasing from £12.1bn last year to £13.2bn this year and its growth portfolio delivering a 7.2% return over the year.

The Pension Protection Fund (PPF) has published its January 2024 update regarding the PPF 7800 index giving the estimated funding position for the 5,050 defined benefit pension schemes which comprise it. The latest update indicates that the aggregate surplus of all schemes has increased from £425.5bn in November 2023 to £428.2bn in December 2023, representing £1.428.2trn in assets and £1trn in liabilities. 4,468 schemes were showing a surplus while 582 schemes were showing a deficit, with a total deficit of £3.7bn, down from £4.1bn in November 2023.

The Pension Protection Fund (PPF) has published the March 2024 update regarding the PPF 7800 index, showing an increase in aggregate surplus of the 5,050 schemes from £425.4bn in January 2024 to £442.3bn in February 2024. The 529 schemes running a deficit saw a reduction in the total deficit from £4.3bn to £3.9bn in the same period. The total assets across all schemes were £1.4trn, with total liabilities of £958.5bn.

The Pension Protection Fund (PPF) has published the June 2024 edition of the PPF 7800 index. The PPF 7800 Index provides the latest estimated funding position, on the basis of section 179 of the Pensions Act 2004, for the defined benefit schemes potentially eligible for entry to the PPF.

The Pension Protection Fund (PPF) has published the May 2024 edition of the PPF 7800 index. The PPF 7800 Index provides the latest estimated funding position, on the basis of section 179 of the Pensions Act 2004, for the defined benefit schemes potentially eligible for entry to the PPF.

The Pension Protection Fund (PPF) has today published its levy rules for 2025/26. Following its last update in December 2024, the PPF has collaborated with colleagues in government, shaping its strategy for finalising its plans for the 2025/26 levy. The PPF Board has decided to reduce its levy estimate for 2025/26 by more than half, reducing it down to £45 million, a significant decrease from the initially proposed £100 million and marking its lowest levy ever. Nearly all schemes (99.7%) are expected to experience a levy reduction next year. Additionally, the PPF has introduced a new provision in its levy rules allowing the Board to determine a zero levy if suitable amendments that enhance the PPF's flexibility in establishing the levy are proposed and adequately advanced during the 2025/26 period.

The Pension Protection Fund (PPF) has announced the publication of its latest responsible investment report. The report summarises the stewardship and governance efforts undertaken by the PPF, which has improved industry-wide engagement and has enhanced reporting, risk analysis, transparency, and contributed to driving change. The report, which is the fifth of its kind from the PPF, is part of their responsible investment strategy.

The Pension Protection Fund (PPF) has published the 20th edition of the Purple Book, its annual overview of the defined benefit (DB) pensions landscape. The report indicates continued stability in scheme funding and a gradual reduction in the size of the DB universe. The number of PPF-eligible DB schemes decreased from 4,974 in March 2024 to 4,840 in March 2025. Funding levels improved during the year with the aggregate funding ratio increased from 123% to 125% on a section 179 basis.  Higher gilt yields, which reduced liability values, were the main factor behind this improvement. On an estimated full buy-out basis, the aggregate deficit narrowed from £69.5bn to £47.2 bn and the funding ratio rose from 94.4% to 95.8%. Asset allocations continued to shift towards lower-risk profiles. Schemes invested 70.6% of assets in bonds, while the proportion in equities fell slightly to 15.1%. Meanwhile, the proportion of assets held in annuities reached 13%.