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ARTICLE · 12 DECEMBER 2024

Pensions: What's New This Week December 9, 2024

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Welcome to your weekly update from the A&O Shearman pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

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Welcome to your weekly update from the A&O Shearman pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

TPR publishes updated DB covenant guidance

The Pensions Regulator (TPR) has published updated guidance on the employer covenant supporting a defined benefit (DB) scheme, as the final part of its package of documents under the new DB funding framework. The guidance includes further clarification on TPR's expectations together with case studies to assist trustees in applying the new concepts within the framework and reviewing their existing covenant analysis.

The guidance contains significant new material on areas such as assessing cash flow; determining the new concepts of the reliability period and covenant longevity period; valuing a contingent asset; how to determine reasonable affordability for an employer, and how to assess whether the level of risk in the scheme's funding and investment strategy is

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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