PPF pays out £1bn as returns allow reserves to soar

In its 2020/21 annual report and accounts, published on Monday (18 October), the compensation scheme reported a 13.9 percentage point increase in its funding position, which hit 127.3%, as reserves also soared to £9bn. The payment figure is the highest ever recorded by the PPF and reflects its growing membership. The 2020/21 improvement more than offsets the Covid-induced weakening of the PPF's position last year, when reserves were down by £1bn at £5.1bn, and the funding level dropped from 118.6% to 113.4%. In the year to 30 March, returns on growth assets hit 17.6%, raising £3.7b...