Pensions Regulator publishes final response to consultation on statement of strategy and launches new digital valuation submission

The Regulator has published the final response to its consultation on proposals to help trustees of DB schemes meet new requirements for submitting a statement of strategy.

Alongside the consultation response, the Regulator has launched its new “Submit a scheme valuation” digital service, which trustees will use to complete and submit their statement of strategy and other valuation materials produced under the revised DB funding regime.

The revised regime applies to DB schemes with effective valuation dates on or after September 22, 2024. Among other things, trustees are obliged to submit their statement of strategy to the Regulator as soon as reasonably practicable after preparing or revising their funding and investment strategy.

When using the new service, trustees of all DB schemes are required to submit:

• The statement of strategy dynamic spreadsheet.
• A copy of their actuarial valuation.
• The date their funding and investment strategy was completed following consultation with the scheme's sponsoring employer.
• The date the statement of strategy was signed by the chair of trustees.

Trustees of schemes that are in deficit will need to use the service to submit copies of their schedule of contributions and recovery plan. Where a scheme is following the fast-track funding approach, the trustees will be required to confirm they have received confirmation from the scheme actuary that the relevant tests and conditions applying to the fast-track approach are satisfied in relation to the scheme. This confirmation should be in the form set out on the Regulator's website.

Trustees of schemes with effective valuation dates before September 22, 2024, should continue to follow the Regulator's 2014 funding code of practice and submit information and documents using the Regulator's Exchange online service.