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The Pensions Regulator (TPR) has published the long-awaited follow-up to its initial – 2020 – consultation on a new code of practice on scheme funding. It received broad support for the proposed twin-track approach to valuations but concerns were raised in relation to the proposal to benchmark “Bespoke” against Fast Track.  Therefore, in the latest […]

On 13 December the Pension Protection Fund (“PPF”) published its levy determination covering the levy to be charged to schemes for the year commencing 1 April 2023.  They estimate that they will collect a total levy of £200m in that year, down from £390m in 2022/23, and that 98% of schemes will see a reduction […]

Following the mini-Budget in September 2022, Gilt yields rose rapidly, leading providers of Liability-driven Investment (“LDI”) vehicles to require more collateral.  The Bank of England stepped in to calm the market, announcing a programme of Gilt purchases.  While this calmed markets initially, participants remained worried about what would happen when the Bank’s support ended on […]

We at Censeo mourn the passing of Her Majesty Queen Elizabeth II, the UK’s longest-serving monarch.  We thank her for her devotion to service, her grace and her humility and offer our condolences to the whole Royal Family.

When trustees discover that they have made overpayments to one or more members, they have a duty to recover the overpaid amounts for the benefit of the trust.  However, it can be difficult to seek repayment from pensioners, who are by definition the older members of the scheme.  Therefore, trustees frequently prefer another solution such […]

Summary The Pension Schemes Act 2021 requires defined benefit (DB) pension schemes to have a funding and investment strategy, for the purpose of ensuring that scheme benefits can be paid over the long term.  They will also be required to report progress against their targets, including the main risks and mitigations, to the Pensions Regulator […]

Summary The Pensions Regulator has published its annual funding statement, providing guidance for those schemes whose actuarial valuation dates fall between 22 September 2021 and 21 September 2022 (“tranche 17”), although it should be of interest to other schemes as well. TPR notes that these valuations are being carried out in a period of high […]

Background The Pension Schemes Act 2021 gave new powers to the Pensions Regulator (TPR) to: bring criminal prosecutions, or impose fines of up to £1 million, for: avoiding an employer debt or for conduct that risks accrued benefits in a scheme or providing TPR with false or misleading information and issue Contribution Notices, requiring a […]

Background The Pensions Act 2004 introduced a power for the Pensions Regulator (TPR) to issue a Contribution Notice (CN) in certain circumstances, requiring an employer (or a connected party) in relation to a defined benefit pension scheme to make a payment to the scheme.  Initially, there was one test that might trigger a CN, known […]

Background Section 69 of the Pensions Act 2004 requires trustees and employers in relation to a pension scheme to notify the Pensions Regulator of certain events which have the potential to cause harm to the scheme. The Government is consulting on introducing two new notifiable events, removing one existing notifiable event and making changes to […]