£400M surplus for PPF after £1bn deficit

4 November 2010 | By Paul McMillan

The Pension Protection Fund has reported a £400m surplus for 2009/10 compared with a £1.2bn deficit for the previous year.

The PPF says the figures, published on Monday as part of the PPF’s 2009/2010 annual report, are due to improvements in the financial markets and a reduction in costly claims. Chief executive Alan Rubenstein says the PPF is aiming to achieve financial self-sufficiency by 2030.

He says: “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 is why this change must be seen in the 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.”

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