Tag: Employer

Do you have quality DC pension scheme governance?

10 February 2014 The Pensions Regulator has followed up its work on the DC Code and DC Regulatory Guidance with their views on how trustees (both for single- and master-trust vehicles) should assess and communicate their compliance with these initiatives. To recap, the DC Code lays out the legal framework for DC trust-based pensions and provides suggestions of practical guidance on how to comply whereas the DC Regulatory Guidance lays out the Regulator’s view on the quality features underpinning their view of good practice. The Regulator has laid out 31 key quality features in areas such as trustee knowledge, training…

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The Pensions Regulator : Take action to identify your statutory employer

28 July 2011 The Pensions Regulator has today published a statement, “Identifying your statutory employer”, to help trustees understand the importance of identifying their scheme’s statutory employer and how they should set about doing this. External link Commentary Why is this important? The statutory employer is legally responsible for meeting the funding requirements of a defined benefit scheme and paying s75 debt if certain events occur. The fate of the statutory employer is also relevant in triggering any future entry into the Pension Protection Fund. For many schemes, particularly those running (or who may run) a funding deficit, the “asset”…

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The Pensions Regulator : Recovery Plans

June 2011 The Pensions Regulator has published “Recovery Plans : Scheme funding and other security arrangements” which provides an analysis of DB scheme recovery plans (valuation dates up to end September 2009) submitted to TPR before February 2011. This provides useful information on the funding level of this cohort plans and some ongoing timeline comparators as a large number of schemes had also submitted prior plans which had been included in an earlier report. Also interesting is the discussion on the increased prevalence of the use of contingent assets, often coupled with longer recovery periods, particularly for some of the…

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IASB : Changes to the accounting for post-employment benefits

16 June 2011 The International Accounting Standards Board IASB has announced that they have completed their project to improve the accounting for pensions and other benefits by issuing an amended version of IAS 19. These amendments, which are intended to apply for accounting periods starting 1 January 2013 : though they can be adopted sooner by companies : will add to the disclosure and transparency of information on defined benefits plans and will also mark the end of the ‘corridor treatment’ option which previously permitted the deferral of recognition of gains and losses. External link

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  • Author: Martin Veasey
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