The Pensions Regulator issued a suite of COVID-19 guidance for trustees and employers at the end of March. As part of that guidance, the Regulator announced that it would be taking a more flexible approach to regulation and enforcement in certain areas for a limited period. Over the intervening months, this flexibility has largely been removed now that schemes have come through the initial disruption and adjusted to new ways of working. Many employers, however, are still experiencing difficult times.

Continue Reading The Pensions Regulator’s COVID-19 guidance – where are we now?

Each spring, the Pensions Regulator (“tPR”) publishes its Annual Funding Statement on what it expects for defined benefit pension scheme actuarial valuations. With the recent 2020 publication, it is of particular interest to employers because of the COVID-19 pandemic.

Whilst aimed at pension schemes with valuation dates between 22 September 2019 and 21 September 2020, it is also relevant for schemes experiencing significant changes and which have to review funding and investment risk.


Continue Reading TPR Annual Funding Statement 2020

The government has given the green  light to a new form of defined contribution pension scheme.  At least, it is new to the UK.  “Collective defined contribution” (“CDC”) schemes are common in the Netherlands and Denmark but the idea of introducing this type of scheme into the UK has only relatively recently gained traction.  The fact that the Royal Mail wants to put such a scheme in place for its 140,000-strong workforce has provided the impetus for the government to consult on how CDC schemes would operate and be regulated.

Continue Reading Collective defined contribution schemes: a fresh alternative?