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

Pensions Regulator publishes analysis underpinning annual funding statement 2023

Pensions Regulator publishes analysis underpinning annual funding statement 2023

In analysis underpinning its annual funding statement published on April 27, 2023, the Regulator notes that most schemes are likely to have improved their funding levels. This year's funding statement covered DB schemes with valuation dates between September 22, 2022, and September 21, 2023 (known as Tranche 18 or T18 schemes). Within the T18 category, the Regulator found that most schemes have specific valuation dates of either December 31, 2022, or March 31, 2023.

United Kingdom | Publication | June 29, 2023
DB scheme funding: Regulator anticipated to publish draft statement of strategy for DB code in autumn

DB scheme funding: Regulator anticipated to publish draft statement of strategy for DB code in autumn

A spokesperson for the Regulator has said that the draft statement of strategy for the DB funding code of practice, alongside guidance, is "likely to appear in the autumn".

United Kingdom | Publication | June 29, 2023
Bank of England launches first system-wide exploratory scenario exercise

Bank of England launches first system-wide exploratory scenario exercise

On June 19, 2023, the Bank of England announced the launch of its first system-wide exploratory scenario (SWES) exercise and published a new webpage setting out relevant information.

United Kingdom | Publication | June 29, 2023
UK Pensions Briefing: A “full and ambitious agenda”: busy Pensions Regulator publishes its Annual DB Funding Statement and Corporate Plan

UK Pensions Briefing: A “full and ambitious agenda”: busy Pensions Regulator publishes its Annual DB Funding Statement and Corporate Plan

This briefing looks at the detail of both the Regulator’s recently published Annual Funding Statement for DB schemes and Corporate Plan.

United Kingdom | Publication | May 16, 2023
Regulator publishes annual funding statement for DB schemes

Regulator publishes annual funding statement for DB schemes

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).

United Kingdom | Publication | May 11, 2023
Regulator publishes blog on trustee engagement where employers are in difficulty

Regulator publishes blog on trustee engagement where employers are in difficulty

On March 8, 2023, the Regulator published a blog urging trustees to engage with them promptly if their sponsoring employer is in difficulty.

United Kingdom | Publication | March 30, 2023
Regulator publishes guidance on employer-related investments

Regulator publishes guidance on employer-related investments

The Regulator has published guidance reminding trustees and employers about the restrictions on using pension scheme funds for employer-related investments and the risk of criminal prosecution.

United Kingdom | Publication | March 30, 2023
Actuary’s discretion under scheme rules to determine contribution rate when scheme had a funding shortfall

Actuary’s discretion under scheme rules to determine contribution rate when scheme had a funding shortfall

In a directions hearing, the High Court has handed down judgment relating to the actuary’s role in determining the contribution rate where there was a funding shortfall in the Railways Pension Scheme.

United Kingdom | Publication | February 27, 2023
Pensions Regulator: no grounds for contribution notice on collapse of Carillion

Pensions Regulator: no grounds for contribution notice on collapse of Carillion

The Regulator has published its regulatory intervention report on the Carillion Group, which went into insolvency in January 2018.

United Kingdom | Publication | February 27, 2023


Recent publications

Publication

Finance Act 2025 receives Royal Assent

The Finance Act 2025, bringing into force measures announced in the October 30, 2024, Budget, has now come into force.

United Kingdom | April 09, 2025

Financial institutions

Publication

HMRC publishes Pension schemes newsletter no 168

In addition to information for scheme administrators, the newsletter includes a reminder that following the abolition of the lifetime allowance from April 2024, applications for fixed protection 2016 and individual protection 2026 must be made by April 5, 2025.

United Kingdom | April 09, 2025

Financial institutions

Publication

Pensions Regulator announces its oversight of professional trustees

On April 2, 2025, Nausicaa Delfas, chief executive at the Regulator, announced a new framework for professional trustee oversight in a speech at the Trades Union Congress pensions conference.

United Kingdom | April 09, 2025

Financial institutions
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