Dashboard delay

The Department for Work & Pensions (DWP) has announced that the timetable governing when pension schemes are required to connect to the Pensions Dashboard will be delayed. Regulations published in 2022 provided that Mastertrusts, defined contribution schemes and...

TPR defined benefit funding consultation 2022

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...

PPF Levy Determination for 2023/24

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...

LDI and Liquidity

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...

HM Queen Elizabeth II 1926-2022

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.