The Pension Protection Fund (PPF) has published its first combined Sustainability Report for 2024/25, integrating its previously separate climate change and responsible investment reports into a single document.

The Pension Protection Fund (PPF) has published its fourth annual Climate Change report, disclosing how it responds to climate-related risks and opportunities and highlighting its key achievements in 2023/2024.

The Pension Protection Fund (PPF) has published its views on how a public sector consolidator (PSC) might be structured following the Department for Work and Pensions’ (DWP) consultation on ‘Options for Defined Benefit schemes’, which proposes that the design of a PSC should be administered by the Board of the PPF. The PPF’s proposal sets out the structure of a PSC, which aims to provide attractive pricing, terms and member experience to all schemes regardless of size, and explores ways to ensure large numbers of small schemes could be ‘onboarded’ in a time and cost-efficient manner. The PPF considers the key design features, eligibility and the potential market for the PSC, the funding requirements to meet the same level of security as expected of commercial consolidators, the range of benefit structures, how schemes will be onboarded, the treatment of scheme deficit and surplus, and the member experience. The PPF welcomes views on its design for the PSC.

The Pension Protection Fund (PPF) has published its PPF 7800 index update for July 2024 giving the latest estimated funding position for all eligible defined benefit (DB) schemes. It shows that the aggregate surplus has increased to £473.6bn, the funding ratio stayed the same, total assets were £1432.5bn and total liabilities were £958.9bn and there were 451 schemes in deficit and 4,599 schemes in surplus.

The Pension Protection Fund (PPF) has published its levy policy statement and final rules for 2026–27. The levy policy statement confirms that no PPF levy will be charged to conventional schemes for 2026–27 and that a proportionate, risk-based levy will continue to apply to Alternative Covenant Schemes (ACS). The PPF also announced that the insolvency risk portal will close from 1 April 2026. Schemes must download any required information by 31 March 2026.

The Pension Protection Fund (PPF) has published the full response to the consultation on changes to the actuarial assumptions required for valuations carried out under sections 143, 152, 156, 158 and 179 of the Pensions Act 2004 which ran between March to May 2024. The consultation had set out proposals to allow marginally overfunded smaller schemes to use a bespoke discount rate for certain valuations during the PPF assessment period. The PPF outlines that the majority of respondents supported the introduction of these proposals which support the reduction of additional burdens and costs on smaller schemes that enter the assessment period. This now means that marginally overfunded smaller schemes with less than £50m in s143 liabilities can decide to use a bespoke discount rate for sections 143 and 152 valuations during the PPF assessment period. These changes, however, do not impact s179 valuations. The new assumptions guidance takes effect for valuations with effective dates on or after 31 May 2024.

The Pension Protection Fund (PPF) has published its 19th edition of the Purple Book, revealing a stable funding position for defined benefit (DB) pension schemes in the UK. As of March 2024, the net surplus stands at £219 billion with a funding ratio of 123%, largely consistent with the previous year. The report highlights continued de-risking trends, with bond allocations rising to 70% and equity holdings falling to 15%. Notably, private equity investments have sharply increased to 44%. The PPF has implemented an enhanced roll-forward methodology and updated scheme status data, providing a more comprehensive view of the DB landscape. The number of DB schemes has marginally decreased to 4,974, with 93% now closed to new members, reflecting the ongoing maturation of the sector.

The Pension Protection Fund (PPF) has released its latest 7800 index update for January 2025, revealing a £9.3 billion decrease in the estimated aggregate surplus to £226.2 billion. Despite this reduction, the funding ratio remained steady at 125.7%. Both total scheme assets and liabilities experienced a 4.0% decline, attributed to rising bond yields, persistent inflation, and signals from the US Federal Reserve regarding slower rate cuts in 2025. The deficit of schemes in deficit grew by £2.8 billion to £25.6 billion. PPF Chief Actuary Shalin Bhagwan noted that 'as schemes mature or reach their end game, their prudent approach to interest rate and inflation hedging may mean they are increasingly overhedged on a s179 basis.'

The Pension Protection Fund (PPF) has published its August 2025 update to the PPF 7800 index, an official statistic measuring the estimated funding position of all eligible defined benefit pension schemes on the basis of section 179 of the Pensions Act 2004. The update reveals that the aggregate surplus increased by £10.6bn to £241.1bn, with the funding ratio rising by 1.5 percentage points to 127.7%. Total scheme assets increased slightly by 0.2% to £1,112.0bn, while liabilities decreased by 1.0% to £870.9bn. The number of schemes remained unchanged at 4,969, while the deficit among schemes in deficit narrowed by £0.6bn to £28.1bn. Aaron Pang, Head of Actuarial Financial Management, attributes the rise in surplus and funding ratio to a fall in liability values due to higher long-dated government bond yields and strong equity market performance following global trade deal announcements.

The Pension Protection Fund (PPF) has published its response to the Department for Work and Pensions (DWP) consultation on ‘Options for Defined Benefit (DB) schemes’ stating that more choice and capacity is needed to enable all DB schemes to capitalise on improved scheme funding and get ‘endgame ready’. The PPF suggests that a consolidator would offer a much-needed new option for schemes, and their sponsoring employers, who face challenges securing the best possible outcomes for their members.

The Pension Protection Fund (PPF) has submitted its response to the Financial Reporting Council's (FRC) consultation on the UK Stewardship Code. The PPF, which became a Code signatory in 2022, advocates maintaining references to the economy, environment and society in the stewardship definition, arguing these elements are crucial for long-term investment value. The PPF supports proposed reforms including streamlined disclosure requirements and the introduction of a 10% threshold for principles application, whilst endorsing the ability to cross-reference public information to reduce reporting burdens.

The Pension Protection Fund (PPF) has responded to the Work and Pensions Committee letter dated 17 December 2024 regarding the impact of increasing PPF and Financial Assistance Scheme (FAS) payments. PPF’s response includes revised figures detailing the potential impact of indexing pre-97 compensation for PPF members and FAS payments. The updated calculations, based on the 2023/24 annual report and accounts, encompass various scenarios including prospective and retrospective changes to indexation, removal of the 90% factor for deferred members, and alterations to FAS assistance increases. The PPF emphasises that the cost implications are sensitive to market conditions, particularly nominal yields. The data presented includes comprehensive breakdowns of the effects on PPF assets, liabilities, funding levels, and reserves under different indexation scenarios, providing a nuanced view of the financial implications of potential policy changes.