At The Pensions Regulator (TPR), we are committed to protecting savers’ money, enhancing the pension system and supporting innovation in the interests of savers. Innovation is something we are increasingly seeing in our evolving pensions landscape.
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As widely reported in the media, the UK economy has been through significant turbulence recently.
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Like others, we welcomed news that the trustees of the two Arcadia Group pension schemes have agreed a buy-in with Aviva, securing benefits for 8,800 members of the schemes.
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Exactly a year ago, I blogged that the underpinning principle of our revised defined benefit (DB) Funding Code was that schemes should have the necessary long-term funding approach to ensure savers have the best chance of receiving the benefits they expect.
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Our role is to protect pension savers, and we pay close attention to mergers and acquisitions involving UK companies which sponsor a DB scheme, particularly those which are highly leveraged.
I heard it said, not so long ago, that TPR asks ‘silly’ questions. I’ll take the compliment, though I doubt one was intended. It’s one of the nice things about life here, that I get to ask questions. I’ve never (yet?) been so blunt as to ask: “Dear Trustees, what on earth were you thinking of when you set that investment strategy?” But it goes through my mind sometimes, based on pre-meeting paperwork.
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As much of the business world seeks to bounce back from the COVID pandemic, new macroeconomic challenges are presenting themselves that may make refinancing more challenging for sponsoring employers. In his latest blog, David Fairs considers the risks of refinancing to the employer covenant and the actions trustees and sponsoring employers should take to ensure member benefits are protected.
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The underpinning principle of our revised DB Funding Code is that schemes should have the necessary long-term funding approach to ensure savers have the best chance of receiving the benefits they expect.
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David Fairs reflects on the responses to our first DB funding code consultation and busts a few myths.
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The economic road ahead looks bumpy. Mike Birch, TPR’s Director of Supervision, tells defined benefit trustees how they can prepare and what to expect from the regulator