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PPF Annual Report and Accounts 2017/18 Pension Protection Fund 2017/2018 Protecting people’s futures Annual Report & Accounts HC 1229 Pension Protection Fund Annual Report & Accounts 2017/18 3 Pension Protection Fund Annual Report & Accounts 2017/2018 Annual Report presented to Parliament pursuant to Section 119(5) of the Pensions Act 2004 and Accounts presented to Parliament pursuant to paragraph 22(6) (b) of Schedule 5 to the Pensions Act 2004. Ordered by the House of Commons to be printed on 12 July 2018. HC 1229 4 Pension Protection Fund Annual Report & Accounts 2017/18 5 Contents 01 Overview 6 Chair’s statement 8 02 Performance report 10 Chief Executive’s review 12 What we do 14 Strategic plan 16 Key measures 2017/18 17 Year in review 20 Excellent customer service 22 Funding strategy on track 24 Performance analysis 28 Securing the best outcome for members 30 Evolution of the Pension Protection Levy 34 Managing the risks we face 36 A great place to work 40 © Pension Protection Fund 2018 Giving something back 42 This publication is licensed under the terms of the Open Government General information 43 Licence v3.0 except where otherwise stated. To view this licence, visit Statement of going concern 45 nationalarchives.gov.uk/doc/open-government-licence/version/3 Where we have identified any third party copyright information you will need 03 Accountability report 46 to obtain permission from the copyright holders concerned. The Board of the Pension Protection Fund 48 This publication is available at www.gov.uk/government/publications Governance statement 52 Remuneration and staff report 68 Any enquiries regarding this publication can be referred to us at 0345 600 2541. Parliamentary accountability 76 The publication is also available for download from our website at Statement of Accounting Officer’s responsibilities 78 www.pensionprotectionfund.org.uk The certificate and report of the Comptroller and Auditor General 80 ISBN no – 978-1-5286-0382-9 CCS no – CCS0518603648 7/18 04 Financial statements 84 Printed on paper containing 75% recycled fibre content minimum. 05 Actuarial reports 128 Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Common terms and abbreviations 174 Stationery Office. 6 Pension Protection Fund Annual Report & Accounts 2017/18 7 01 Overview Overview Who we are Our values The Pension Protection Fund (PPF) protects people with Integrity: a Defined Benefit (DB) pension when their employer Doing the right thing becomes insolvent. As a public corporation we manage Collaboration: close to £30 billion assets on behalf of our 236,000 Working as one members. Our mission is to pay the right people the Accountability: Owning our actions right amount at the right time. and their outcomes The following report sets out the PPF’s purpose, the key Respect: risks we face in achieving our objectives and how we Valuing every voice performed during the year. Excellence: Being our best 8 9 Pension Protection Fund Annual Report & Accounts 2017/18 Overview Chair’s statement Arnold Wagner OBE The past year has been one of Firstly, we’re delighted to welcome helping to shape the PPF into the to have all the information they So we continue to test our assumptions significant change, both for us Oliver Morley, our new Chief Executive, organisation it is today. need about the true value of PPF and models in order to ensure our who joined us on 19 March from the benefits. But it’s not just about that analyses are up to date. And we make at the PPF and for the wider DVLA. I look forward to Oliver leading The role of the PPF initial reassurance. We also, where timely and effective decisions to keep pensions world. the PPF through this next phase of necessary, want to help them make us on track in fulfilling our mission. The PPF exists to provide DB pension its development. the most informed and appropriate members with financial security if decisions when they’re faced with Welcoming the He takes over from Alan Rubenstein their scheme collapses. This year we’ve complex choices about their future White Paper proposals who left the PPF in mid-January after assessed some high-profile cases, pension arrangements. almost nine excellent years as Chief some with extremely large deficits, This March, the Government set out Executive. During his time, the PPF has and despite this we remain on target That’s why we welcome new rules its proposals to further strengthen become an integral, respected and to deliver on our objectives and our from the Financial Conduct Authority the DB system and improve security valued part of the pensions landscape. reserves continue to grow. We’re aimed at improving the advice given for DB pension scheme members in We thank Alan for his work and also on track to achieve our funding to DB members who are considering its White Paper. We welcome these achievements on behalf of the PPF, our target to be self-sufficient by our 2030 transferring out of their scheme. new measures. members and stakeholders, and wish funding horizon. More generally, we continue to him every success for the future. Delivering for members We’re acutely sensitive to the work with the Department for I also want to thank Andy McKinnon anxiety many employees inevitably We saw 46 schemes transferred to us Work and Pensions (DWP), the who was Acting Chief Executive feel if their employer becomes and more than 65,000 people enter Pensions Regulator (TPR) and other between Alan’s departure and insolvent. Although we can’t protect assessment in 2017/18. We’ve shown organisations on a range of issues to Oliver’s arrival. He not only led the their jobs, I am proud of how that we’re more than capable of help support the DB system. organisation professionally during effectively our employees respond. managing a very significant increase this period but also managed the We reassure those with DB pensions in activity over relatively short periods Last but certainly not least transition very effectively. Andy has that the PPF protects them under the of time. Also we saw our member Across our employees, leadership now returned to his role as Chief terms of the Pensions Act 2004 that numbers rise to 236,000 and we paid team and the Board, we have a great Financial Officer. established us. an extra £63 million in benefits. team of people here, all of whom are We also welcome Stephen Wilcox The value of PPF benefits No complacency committed to delivering our mission. We are here who recently joined us as Chief Risk I’m proud to be associated with them Officer. Stephen replaces Hans den Without the PPF, most company Despite our strong performance and all and express my appreciation to to provide Boer who left the PPF after three insolvencies meant members of our confidence for the future, we each one of them. years. Thank you to Hans for all his DB pension schemes suffered very never assume that what has made us reassurance work in building the robust risk I’m looking forward to the coming “ serious reductions in their pension successful so far is guaranteed to do so year. It will undoubtedly bring new framework that we operate in. benefits and, too often, the loss of forever. Improvements in the funding through the challenges but I know we have the their entire accrued benefit. It had status of DB pension schemes over And finally, I want to take this right people on our team. Their a huge impact on their financial the past year do not detract from the protection opportunity to thank Sharmila values, skills and commitment security in retirement. significance of a large net deficit that Nebhrajani OBE who is leaving the will ensure we stay on course and we deliver.” still exists in our universe of schemes. PPF Board after six years as a non- We are now here to give reassurance continue to give our stakeholders And the surrounding environment executive Board member. Sharmila through the protection we deliver. every reason to be confident in us. Arnold Wagner OBE remains uncertain in many respects. has played an important role in So we want scheme members 10 Pension Protection Fund Annual Report & Accounts 2017/18 11 02 report Performance Performance report My favourite part of working at the PPF is when a member calls who doesn’t originally “understand their options. By the end of the call they are comfortable, confident and reassured.” Holly Wittwer, Contact Centre team member 12 13 Pension Protection Fund Annual Report & Accounts 2017/18 Performance report Performance Chief Executive’s review Oliver Morley It’s an exciting time to join In a year that saw the largest value of This recognition is particularly timely But most of all we will continue the PPF. The organisation is claims made on the PPF than in any because we will complete the to put the member at the heart of other year, we not only demonstrated insourcing of the Financial Assistance everything we do. The PPF is critical in great financial shape, our an ability to withstand these events Scheme (FAS) administration later to safeguarding the financial security Keeping the commitment to excellent but were able to grow our reserves to this year. From September, 150,000 of millions of DB members and, member at the customer service has been £6.7 billion and increase our funding FAS members will enjoy the same while people may not choose to be rewarded externally, and ratio to 122.8 per cent. excellent services we give to other under our care, we’re committed to heart of everything PPF members and we look forward to providing them with the very “ we’re compensating more We also delivered strong investment welcoming them on board.
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