PPF publishes 2018/19 annual report
Despite significant market volatility, the Pension Protection Fund (PPF) says it’s continuing to achieve strong investment performance and deliver excellent customer service.
Despite having the largest claim in its history from the Kodak Pension Plan No.2 (KPP2) in 2018, the PPF states that it’s still on course to reach its funding objective.
“Our reserves mean that we currently have £6.1 billion over and above what we need to pay our current members and their dependants for the rest of their lives,” said Andy McKinnon, PPF Chief Financial Officer.
On top of this, over the past year, the PPF has beaten its targeted three-year investment returns and continues to provide excellent customer service:
- The investment return in the year to 31 March 2019 was 5.2 per cent
- Assets under management grew from £30 billion to £32 billion
- The PPF successfully insourced Financial Assistance Scheme (FAS) member services
- A new corporate website was launched and achieved high member satisfaction scores, averaging 97 per cent
Read the full report here
View the highlights here