SPP Paper – From Lifeboat to Legacy: What Next for the £14bn PPF Reserves?

Although the £14billion in Pension Protection Fund (PPF) reserves represents a significant opportunity, it also carries a responsibility to safeguard the PPF’s core mission. Striking the right balance between prudence and innovation will be critical as policymakers consider how the PPF can evolve from a “lifeboat” into a broader legacy institution for the UK pensions system. This paper explores how this could be achieved.