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ARTICLE · 18 MAY 2020

What does TPR's funding statement mean for trustees and employers?

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The Pensions Regulator (TPR) has issued its Annual Funding Statement for defined benefit schemes (the Funding Statement).

CanadaEmployment and HR
Jason Coates
Jason Coates
Suzanne Mortimer
Suzanne Mortimer
Mary Verity
Mary Verity
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The Pensions Regulator (TPR) has issued its Annual Funding Statement for defined benefit schemes (the Funding Statement). The Funding Statement identifies some of the key issues facing schemes with valuations in the period 22 September 2019 and 21 September 2020 (Tranche 15) (Tranche 15 Valuations).

In the Funding Statement, TPR recognises the need for trustees and employers to work together to manage the impact of COVID-19 but TPR remains focused on ensuring that trustees and employers develop a long-term funding objective. TPR also highlights the importance of integrated risk management and the need to implement contingency arrangements already in place, where possible. Understanding the covenant is crucial and the Funding Statement includes a reminder about the importance of understanding the potential impact of the different possible outcomes in relation to Brexit.

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