We look at developments relating to employer covenant strength and scheme funding.  This includes issues such as contingent assets, corporate restructurings, financial distress and insolvency.

Pensions Hub

DB scheme funding: Pensions Regulator publishes updated employer covenant guidance

DB scheme funding: Pensions Regulator publishes updated employer covenant guidance

The new DB scheme funding code came into force on November 12, 2024, and the Regulator has now published the final part of the new funding regime framework: updated employer covenant guidance for trustees.

United Kingdom | Publication | December 19, 2024
Dashboards update: webinars hosted by Pensions Regulator and Money and Pensions Service

Dashboards update: webinars hosted by Pensions Regulator and Money and Pensions Service

The Regulator has provided a link to its dashboard webinar held on November 26, 2024, which it urges scheme trustees to watch. The Money and Pensions Service also collaborated with the Pensions Dashboard Programme to host a “town hall” dashboard event on December 2, 2024.

United Kingdom | Publication | December 19, 2024
Regulator publishes finalised Fast Track submission tests and conditions for DB schemes

Regulator publishes finalised Fast Track submission tests and conditions for DB schemes

On November 21, 2024, the Pensions Regulator published the final version of Fast Track submission tests and conditions, which require the scheme's low dependency funding basis to follow the principles set out in the DB funding code.

United Kingdom | Publication | December 04, 2024
PPF confirms new bespoke discount rate option in section 143 valuation assumptions for smaller schemes

PPF confirms new bespoke discount rate option in section 143 valuation assumptions for smaller schemes

On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.

United Kingdom | Publication | November 20, 2024
DB scheme funding: Regulator's new DB funding code of practice comes into force

DB scheme funding: Regulator's new DB funding code of practice comes into force

The DB Funding Code has been brought into force with effect from November 12, 2024. The Code brings together guidance on the pre-existing valuation and funding regime with guidance on the new longer-term funding and investment strategy regime.

United Kingdom | Publication | November 20, 2024
PPF consults on 2025/26 levy

PPF consults on 2025/26 levy

On September 12, 2024, the Pension Protection Fund published its 2025/26 levy consultation. The consultation runs until October 23, 2024.

United Kingdom | Publication | September 26, 2024
Update on the Virgin Media decision

Update on the Virgin Media decision

We reported in July 2024 that the Court of Appeal had upheld the High Court decision in the Virgin Media case. This means all amendments to contracted-out DB schemes between April 6, 1997, and April 5, 2013, do need written actuarial confirmation that the reference scheme test continues to be satisfied, as required by section 37 of the Pension Schemes Act 1993.

United Kingdom | Publication | September 26, 2024
PDP updates draft code of connection

PDP updates draft code of connection

The Pensions Dashboards Programme has published version 1.1 of its draft code of connection which sets out how pension providers and schemes are to connect to the dashboards ecosystem, and what they need to do to remain connected.

United Kingdom | Publication | September 09, 2024
Pensions Regulator promises a “reasonable approach” as DB funding code now laid before Parliament

Pensions Regulator promises a “reasonable approach” as DB funding code now laid before Parliament

The Regulator’s finalised draft of the DB funding code is the final piece of the jigsaw in the new funding and investment strategy regime. After much delay the new code was laid before Parliament on July 29, 2024.

United Kingdom | Publication | August 12, 2024


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