For the Pension Protection Fund (the Fund) to represent value for money, it must manage the balance of its assets against its liabilities to provide an adequate level of protection while minimising the cost of the levy. To achieve this balance, the Fund must invest efficiently and have suitable means to assess and respond to the potential impact of future claims. Against these criteria, the Fund has delivered value for money thus far. It managed its investments satisfactorily to achieve an aggregate return in 2008-09 of 13.4 per cent, after taking into account deals to manage the impact of inflation and interest rate changes. The Fund has also developed a suitable model for assessing the impact of potential future claims. Nonetheless, the Fund needs to take steps to maintain value for money in future, in particular, adapting its investment processes to reflect the growing value of its assets, continuing regularly to audit its risk model and establishing a framework for illustrating the sensitivity of its longer term risk modelling projections.