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ARTICLE · 28 JUNE 2012

TPR's April 2012 Statement On "Funding In The Current Environment"

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Trustee boards and employers for schemes with Valuation dates between September 2011 to September 2012 will need to consider TPR's April 2012 Funding Statement ("2012 Statement").

United KingdomFinance and Banking
Clive Weber
Clive Weber

Trustee boards and employers for schemes with Valuation dates between September 2011 to September 2012 will need to consider TPR's April 2012 Funding Statement ("2012 Statement"). Essentially, the 2012 Statement reflects TPR's view of the impact of the current economic environment on scheme valuations.

What are the duties of trustees in the light of the 2012 Statement?

Statutory framework

The scheme specific funding rules are contained in Pensions Act 2004. The rules include requirements relating to calculating scheme deficits and the period of time over which deficit may be repaid. Having taken into account the scheme specific funding legislation and TPR's April 2012 Statement trustees are still left with a degree of discretion. Essentially, trustee boards need to make judgments about the degree of risk appropriate to their scheme.

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