Annual reports published

The Regulator has published its annual report and accounts for 2021/22. A number of consultations have been published and most of its key performance indicators (KPIs) have been met. Significant missed KPIs were the failure to complete the second phase of consultation on the revised DB funding code and a promised consultation on notifiable events requirements. In both cases, regulations are awaited from the DWP.

The Pension Protection Fund has confirmed in its annual report that it has met the five strategic priorities set in 2019, including increasing its funding ratio to 137.9 per cent and its reserves to £11.7bn. It has stated it will now complete the review of its long-term funding strategy and consider reducing the levy, which is good news for schemes.

NEST’s annual report focuses on the “stable, high-quality pension” that it provides to its 11.1m members. It notes an increase in funds held from £17.6bn to £24.4bn with 1.2m new members. On the investment side, 99 per cent of members remain in the default fund.