Question to the Department for Work and Pensions:

To ask His Majesty's Government what estimate they have made of the current surplus in the Pension Protection Fund; and what assessment they have made of the adequacy of that surplus to meet the demands on the fund.

As of 31 March 2025, the PPF has built up a reserve of around £14.1 billion. This is a reserve and not surplus funds. While the risks that the PPF faces are lower given improved Defined Benefit (DB) scheme funding levels, this reserve provides security for its current 8.6 million members and the taxpayer. The reserve is crucial to managing future challenges and enabling the PPF to fulfil its role as the ultimate backstop to the near £1 trillion of liabilities in DB schemes.

This Government has brought forward improvements to the level of indexation it pays and introduced greater flexibility to adjust the levy it collects in line with its funding strategy. The PPF will continue to build its reserves through investment returns, while keeping its approach to funding under regular review, prudently balancing the needs of members and levy payers. This will increase security for its current and future members and, further reduce the risk of needing to call on levy payers in the future.