From The Pensions Regulator:
The Pensions Regulator will hold free workshops throughout the UK this summer to reaffirm the approach to DB scheme funding in the economic downturn.
David Norgrove, chair of the regulator said: “These workshops are an opportunity for our regulated community to engage directly with the regulator as we continue to communicate openly in these difficult times.”
Looking ahead to the workshops in June, chief executive Tony Hobman said:
“Now, more than ever, it is crucial for trustees to base their funding targets on prudent assumptions which take full account of the strength of the employer’s ability to underwrite the risk. In particular, where an employer has a weak or weakening covenant, we expect trustees to ensure that this is reflected when setting the scheme’s technical provisions. In some cases this will result in a higher funding target but trustees must not all…