11 May 2012 Given current market conditions : in particular gilt yields : the Pensions Regulator was widely reported as preparing guidance for trustees of defined benefit schemes, in particular those moving through the actuarial valuation process at the current time. The Regulator has now published the annual funding statement (web-link below), which addresses this question.
22 March 2012 The Pensions Regulator has announced a revised version of the Trustee Toolkit, perhaps the best known e-learning system aimed at helping UK trustees comply with their knowledge and understanding obligations under pensions legislation. According to the Regulator updates include: Downloadable resources, including PDF versions of the case studies and tutorials, to aid offline working More choices relating to scheme size and type when registering so that every learner benefits from a more tailored programme Clearer navigation and an overview of the user’s progress towards receiving the certificate of completion Increased screen size and a refreshed look and…
13 February 2012 The Pensions Regulator has published updated step-by-step guidance on auto enrolment responsibilities for employers. Initially aimed at larger schemes, the rollout will eventually encompass substantially all employers. The guidance covers the process of workforce assessment : which employers are covered and who is out, scheme provision and transition, the automatic enrolment process : plus opting-in and opting-out, employee safeguards and record-keeping. The current timetable has auto-enrolment going live for the largest employers (120,000 employees and above) in Q4 2012, with rapid progressive rollout down to medium sized schemes (30,000 and above) by year-end. Other schemes have longer…
2 February 2012 Each year (2011 is the sixth year of production), the Pension Protection Fund and the Pensions Regulator jointly publish the Pensions Universe Risk Profile (Purple Book). This document profiles the state and risks facing UK defined benefit schemes. The analysis is conducted using scheme returns and 2011 therefore covers some 98% of the total number of schemes and 99.6% of estimated total liabilities. It is therefore highly representative of the state of the industry. The main data and analysis focuses on the situation at the end of March 2011 : the summary therefore bears out relatively little…
18 January 2012 Stephen Soper, Executive Director for DB at the Pensions Regulator, gave a significant speech at the NAPF Trustee conference yesterday. He indicated the desire to provide greater clarity regarding expectations of trustee conduct and the regulator’s own case processes and procedures. His speech : published in full on the regulator’s website (a link is provided below) : focused on the following four areas: Current economic climate and funding of schemes (a statement is to be published in April) Non-cash scheme support De-risking and corporate transactions Transparency The speech is well worth reading. External link
6 December 2011 The Pensions Regulator has today released its six principles for the design and governance of workplace defined contribution pension schemes in a presentation to the NAPF Trustee Conference. In brief, the six principles are as follows: Schemes are designed to be durable, fair and deliver good outcomes for members A comprehensive scheme governance framework is established at set-up, with clear accountabilities and responsibilities agreed and made transparent. Those who are accountable for scheme decisions and activity understand their duties and are fit and proper to carry them out. Schemes benefit from effective governance and monitoring through their…
