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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | May 2023
On April 27, 2023, the Regulator published its annual funding statement for DB schemes. This statement is essential reading for trustees of schemes with valuation dates between September 22, 2022, and September 21, 2023 (known as Tranche 18, or T18).
It is also relevant to schemes undergoing significant changes that require a review of their funding and risk strategies. The Regulator recognises that this year schemes may be in a transformed funding position, and its key messages are:
The Regulator has divided the DB universe into 3 groups:
For each Group, the Regulator has set out guidance in respect of rethinking scheme strategies in relation to funding position, investment consideration, and covenant considerations. The funding statement also provides a set of tables so that trustees can match their specific scheme circumstances in terms of funding characteristics, employer strength and scheme maturity with the Regulator’s expectations. However, the Regulator stresses that the tables are inexhaustive and are no substitute for reading the funding statement and seeking specialist advice.
Our May briefing will look in more detail at the annual funding statement.
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The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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