The Pension Protection Fund (PPF) has published its annual report for the year to 31 March 2010. The 2009/2010 balance sheet shows a £400 million surplus, compared with a £1.2 billion deficit reported in the previous accounting year.
The PPF attributes this improved funding position to progress in the financial markets, solid investment returns and less costly claims.
Other points of interest highlighted by the PPF in its press statement include (amongst others):
- a return of 15% on its invested assets during the year;
- receipt of £1.2 billion from levy receipts and from transferring scheme assets during the year; and
- a £1.5 billion growth in the investment portfolio, which now stands at £4.4 billion.
The PPF regards its latest financial figures as a positive step towards meeting its long-term funding aim of being financially self-sufficient by 2030 (see our previous bulletin). However, Chairman Lady Judge and Chief Executive, Alan Rubenstein, both emphasise the continued importance of developing proposals and accelerating the assessment process in a bid to reach its target.