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Background The Pensions Regulator (“TPR”) is consulting on a revised defined benefit (“DB”) funding code of practice in two parts. This response relates to the first part of the consultation, which considers: TPR’s proposed...
Introduction TPR’s annual funding statement (published on 30 April 2020) acknowledges that these are very challenging times for many businesses (see our Alert). Employers will be relieved to see an emphasis on trustees and employers...
Introduction Unsurprisingly, a key focus of TPR’s annual funding statement (published on 30 April 2020) is the current pandemic. The statement stresses the need for trustees and employers to work together to manage the impact of...
Introduction Today, TPR published the first stage of a “major” consultation on its revised code of practice for DB funding. Running to 175 pages, this first consultation sets out TPR’s initial proposals for a “clearer, more readily...
Introduction Picking up the baton from last year’s DB White Paper, TPR’s annual funding statement (published on 5 March 2019, and running to 22 pages) includes a specific focus on long-term funding targets. The summary of key messages...
Contingent assets are assets held outside a pension scheme which the scheme can claim when one or more specified “trigger” events occur (such as the insolvency of the sponsoring employer). They can be useful for trustees and employers...
A “buy-in” is simply an annuity held in the trustees’ name. By contrast a “buy-out” is an annuity held in the member’s name. Buy-ins are simply another scheme investment and are attractive to employers...
A buy-out is the bulk purchase of annuities in respect of some (partial) or all (full) of the members of a pension scheme. The difference between a buy-out and a buy-in is that, in the former, the annuities are purchased in the names of...
The trustees of an occupational DB pension scheme are required to prepare, and from time to time review and if necessary revise, a schedule of contributions. The schedule sets out the rates of the contributions payable to the scheme and...
