The Pension Protection Fund (PPF) has set out its strategic plan for 2022-2025 – setting out its vision for the next three years.
The plan confirms the lifeboat fund's four new strategic priorities - meeting new challenges with brilliant service; excellence in asset and liability management; making a difference; and transforming their ways of working using enhanced technology.
PPF chief executive Oliver Morley said: "Our strong performance against our 2019-2022 strategic priorities, despite the challenges of the pandemic, has established a strong foundation for us to now build on. Our unique position allows us to continually look for new ways to innovate and exemplify best practice in pensions, asset management and customer service.
"Over the course of the next three years, we'll continue to invest in, and improve, services to our members and levy payers so we can sustainably deliver high levels of satisfaction and remain as efficient as possible."
Morley said that key to delivering for its members in this next phase will be the successful implementation of the PPF's amended compensation regime following the Hampshire and Hughes court rulings.
Effectively progressing a larger number of applications to the Fraud Compensation Fund (FCF) - established to pay compensation to pension schemes whose assets have been impacted by dishonesty - is another significant priority set out in the plan.
This comes after the Department for Work and Pensions (DWP) confirmed huge increases in the fraud compensation levy funding the FCF following a High Court ruling that some liberation schemes were eligible to make a claim on the fund.
Morley continued: "We know our members have gone through a lot before they come to us, and so we're never complacent about the help we offer them. With this in mind, we understand the recent court rulings have caused uncertainty for some around what they're entitled to. Our priority is to ensure all our members are receiving the right compensation and are clear on what to expect both now and in the future."
Asset and liability management
The PPF said it has made significant progress in recent years towards its overall funding target - noting that it currently stands in a "robust financial position" but warning that "external environment could change and risks to its financial resilience remain".
The PPF said it is currently conducting a planned review of its funding strategy. In this new strategic plan, it has committed to complete this review and publish the results this year.
Making a difference
The PPF said the impact it makes to the lives of its current and future members is clear - adding it would look to strengthen its commitment in this regard over the coming three years.
To this end, it said it would develop and publish a holistic sustainability strategy, building on its approach to responsible investment and the progress already achieved in its strategic response to climate change and diversity and inclusion.
It said exploring further opportunities for sustainable investment in asset classes such as forestry and infrastructure will be a priority, as well as managing its own environmental impact, and that of its suppliers.
The PPF said it has also made strong progress in embedding a diverse and inclusive culture and is on track to meet its ambitious targets as set out in its 2020 diversity and inclusion strategy - adding it was "committed" to using its influence and industry connections to work with others and demonstrate that "meaningful change is possible".
Transforming ways of working
The PPF's latest strategic plan also commits the fund to the continued evolution of its technology and digital solutions to improve the experience for its members, levy payers, and employees while maximising efficiency and allowing its people to focus on adding value.
Morley concluded: "Our teams are excited to embrace the challenges and goals of the new plan to deliver sustainable change and growth for the future while increasing our effectiveness and efficiency. Our strengthened financial position ensures we're well placed to withstand higher levels of insolvency claims without risking the security of our members benefits. At the same time, we'll continue to look for new ways to support our levy payers.
"We want to hold ourselves accountable for delivering on our new strategic priorities and we'll transparently measure and report on their progress each year in our annual report and accounts."