27 April 2012
The Pensions Regulator (TPR) has published its first annual
funding statement to provide guidance on how pension scheme funding
valuations should be approached in today's challenging economic
environment.
It is aimed at trustees and employers of defined benefit (DB)
pension schemes who are undertaking their scheme valuations with
effective dates in the period September 2011 to September 2012. It
therefore applies to approximately one third of the UK's 6500 DB
schemes, and about 4m of the 12m DB memberships.
It is, however, relevant to all trustees and employers with a DB
pension scheme.
Trustees and employers that follow the guidance in the statement
are more likely to reach funding agreements that the regulator
finds acceptable without the need for regulatory involvement.
The regulator's analysis shows that most schemes and sponsoring
employers should be able to meet their pension promises to members
with either no change, or only small changes, to their present
deficit recovery plans.
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