These figures are set out in the PPF’s 2014/15 Annual Report and Accounts.
The PPF’s innovative investment strategy delivered an overall investment return of 25.9 per cent for the financial year, with assets under management now £22.6 billion.
Commenting on the Annual Report, Lady Barbara Judge, PPF Chairman said: “The PPF has come a long way since its inception a decade ago, so it is fitting that we mark it with such a strong performance. These results are important because they demonstrate our commitment and proven ability to provide security and confidence to our members.
“The PPF is a success story of which we should all be proud. We not only provide peace of mind for the 220,000 members it compensates now, but also to the 11 million people who belong to defined benefit pension schemes in the UK.”
PPF CFO Andy McKinnon, said: “It has been another year of significant growth and strong performance for the PPF. However, we cannot afford to be complacent. The global macro-economic environment and pension scheme funding remain volatile which is reflected in the change in our probability of success which decreased from 90 per cent in
March 2014, to 88 per cent in March 2015.
“Despite this, we remain on track and committed to a prudent approach which strikes a balance between protecting compensation payments for current and future members of the PPF and setting a fair levy.”
Key highlights
Between 1 April 2014 and 31 March 2015:
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New claims on the PPF were low relative to previous years, with 61 schemes bringing a combined deficit of £322.3 million compared to £618.5 million for 2013/14.
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The PPF protected an additional 23,470 people, making a total of 222,597 deferred and pensioner members
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30,084 people were members of schemes that completed the PPF assessment period during the year
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Announced the new PPF-specific levy model developed with Experian
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Announced the first significant hybrid asset investment (Spinningfields, June 2014) as part of innovative approach to investment
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