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Introduction On 27 May 2021, TPR published a consultation on draft changes to Code of Practice 12 (to be titled “Contribution Notices: Circumstances in relation to the material detriment test, the employer insolvency test and the...
Introduction TPR’s latest annual funding statement was published yesterday. Unsurprisingly, the current pandemic (and its knock-on effect on covenant monitoring and contingency planning) remains a high priority. The statement also...
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...
