New Digital Service for Statements of Strategy to be introduced by TPR

TPR has announced that it is in the process of creating a digital service which will allow the trustees of defined benefit schemes to submit their statements of strategy under a revised DB funding regime. 

Trustees will be required to submit their statements of strategy to TPR as soon as they have prepared their funding and investment strategy. However, the new digital platform will not be available until spring 2025, and TPR will not expect statements of strategies to be submitted until this new digital platform has been set up.

TPR has also confirmed that trustees subject to this revised regime will need to use a new DB funding code practice, which is scheduled to be introduced in late November 2024. The new funding code will apply to trustees of DB schemes whose actuarial valuation dates are effected on or after September 22, 2024. The new code will set out TPR’s guidance on how to comply with the funding and investment strategy requirement.