01 November 2010
Figures published in the Pension Protection Fund (PPF) Annual
Report and Accounts today, show that the fund has now recorded a
surplus of £400m compared to that of the £1.2bn deficit
that had been reported in the previous year (2008/09).
The improvements are due to the market and investment
performance alongside less costly claims.
This places the PPF's balance sheet in line with its long term
funding strategy and shows that the pension protection fund is
resilient during hard times.
The PPF's Chief Executive, Alan Rubesntein, said:
"The significant improvement in our funding is clearly welcome
and reinforces our view that the PPF, and the protection system of
which we are part, is sound. But I would stress that the PPF is not
a short-term undertaking which why this change must be seen in
context of our aim to become financially self-sufficient by
2030.
"Delivering on our long-term funding strategy is essential. In
the end, that is the way we will provide reassurance to the
millions of people whose pensions we protect that we can meet our
long-term obligations and that their compensation, now and in the
future, is safe in our hands."
2009/10 was also the year when the PPF said goodbye to previous
Chairman, Lawrence Churchill, and welcomed Lady Barbara Judge as
its new Chairman.
Lady Judge said: "I would like to thank Lawrence for his
enormous contribution to the success of the PPF during the last
five years. I look forward to building on his legacy and leading
the organisation on to continued success.
"I am very much encouraged by what was achieved during 2009/10.
We must not, however, be complacent. We are working harder than
ever to make sure the PPF operates as efficiently as possible to
provide value for money to our levy payers and reassurance to our
members."
To view the full report click here
