TPR calls for trustees and employers to 'work together to protect savers'

04 May 2020

The Pensions Regulator (TPR) has urged trustees and employers to 'work together' in order to protect savers and manage the immediate effects of the coronavirus (COVID-19) pandemic.

In its latest Annual Funding Statement (AFS), the Regulator outlined how defined benefit (DB) pension schemes should approach upcoming scheme valuations. The TPR warned that many schemes have been impacted by COVID-19 and has issued guidance to support both trustees and employers.

The TPR also stated that March and April 2020 valuations will be 'challenging', with many trustees not having enough information to form a reliable view on long-term future returns from their scheme's investments. It said that trustees may wish to consider delaying decisions until more clarity emerges.

'What is clear is that COVID-19 is testing employers and trustees like never before and it is vital that they work together collaboratively,' said Charles Counsell, Chief Executive of the TPR.

'We are clear that the best support for a pension scheme is a strong employer and so we are here to support both groups in our role to ensure savers' retirements are protected.

'It is vitally important for all schemes to follow our AFS guidance, and the extra COVID-19 guidance we have issued and will regularly update, to strengthen their position for the tough times which lie ahead.'

More information can be found here.


© 2021 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA

In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.