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Regulator updates asset breakdown section of DB and hybrid scheme return
United Kingdom | Publication | February 2023
The Regulator has updated the asset breakdown section of its DB and hybrid annual scheme return for 2023, following its 2021 consultation conducted jointly with the PPF.
The return now follows the consultation proposals and includes a new tier-focussed section based on total liabilities in the last s179 valuation. The amount of information schemes are required to provide is assessed on the following asset tiers:
- Tier 1 – up to £30m (simplified approach).
- Tier 2 - £30m–up to £1.5bn (standard approach).
- Tier 3 – £1.5bn and over (enhanced approach).
Tiers 2 and 3 are required to provide more detailed information on the bonds and equities held by the scheme. Tier 3 must also provide information on risk factors in line with PPF rules. The Regulator states that this information will help it assess a scheme's investment risk more accurately and provide the PPF with more detailed information to calculate the levy invoice. The new asset information will need to be collated and submitted to the Regulator before the March 31, 2023, deadline, and trustees will need to discuss these new requirements with their investment advisers. The Regulator will also conduct an exercise this year to check whether schemes carry out their duties to publish the statement of investment principles and implementation statements. It asks schemes to ensure that they respond to the relevant questions in the return on environmental, social and governance and climate change.
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