capaDATA
  • PERFORMANCE
    • Younger saver, 30 years to retirement – 5-year annualised returns
      • Line chart
      • Bar chart
    • Younger saver, 30 years to retirement – 3-year annualised returns
      • Line chart
      • Bar chart
    • Younger saver, 30 years to retirement – 1-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 5-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 3-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 1-year annualised returns
      • Line chart
      • Bar chart
  • RISK/RETURN
    • Risk/Return – Younger saver, 30 years from retirement, 5-year annualised
    • Risk/Return – Younger saver, 30 years from retirement, 3-year annualised
    • Risk/Return – Younger saver, 30 years from retirement, 1-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 5-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 3-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 1-year annualised
  • PROVIDERS
    • Aegon Master Trust
    • Aon Master Trust
    • Atlas Master Trust
    • Aviva Master Trust
    • The Bluesky Pension Scheme
    • Ensign Retirement Plan
    • Fidelity Master Trust
    • Legal & General Investment Management – WorkSave Pension Mastertrust
    • LifeSight (Willis Towers Watson)
    • Mercer Master Trust
    • National Employment Savings Trust (NEST)
    • Now: Pensions
    • The People’s Pension
    • Salvus Master Trust
    • Scottish Widows Master Trust
    • Smart Pension
    • Standard Life DC Master Trust
    • SuperTrust UK Master Trust
    • TPT Retirement Solutions
    • Welplan Pensions
  • Research
    • ADVISERS
      • Pension provider selection factors
      • Switching
      • Diversification
      • Illiquids
      • ESG
      • Green
      • Digital
      • Consolidation
    • PROVIDERS
      • Master Trusts by number of members
      • Master Trust defaults by assets and number of employers
      • Member charges
      • Employer charges
      • Master trust investment advisers
      • Equity exposure
      • Derisking
      • Asset managers used
  • NEWS
  • MORE
    • About
    • Advertise
    • Contact us
    • Privacy policy
    • Content syndication
    • Terms & Conditions
CAPA
No Result
View All Result

TPR green lights suspension of deficit reductions and use of pre-crash market assumptions

27 March 2020
TPR green lights suspension of deficit reductions and use of pre-crash market assumptions
Share on TwitterShare on FacebookShare on LinkedIn

Trustees can suspend deficit reductions, ignore current markets in their valuations and stop cash equivalent transfers under a raft of emergency measures published by The Pensions Regulator (TPR) today.

In a special Covid 19 guidance update published on its website today, TPR says DB scheme trustees can use historic valuation assumptions and ignore current market conditions when completing their assumptions. Schemes can also postpone filing recovery plan submissions.

TPR says it does not expect DB trustees who are close to completing their valuations to revisit their valuation assumptions to reflect current market conditions.

If trustees need more time to consider the scheme’s and employer’s situation, they may decide to delay their recovery plan submission by up to three months, and in that case we will not take regulatory action in respect of a failure to submit.

DB trustees should be open to requests to reduce or suspend Deficit Recovery Contributions (DRCs) in line with the principles set out in our guidance published March 20.

Where sufficient information is not available to make a fully informed decision, trustees may agree to a reduction or suspension of DRCs for as limited a period as possible while appropriate information is provided. This should not be longer than three months. We expect the scheme to be fairly treated compared to the other stakeholders of the employer. Employers and trustees should seek to work closely together and share relevant information.

The regulator says DB trustees may decide to suspend cash equivalent transfer value (CETV) activity for up to three months if this is in the best interests of their members.

DC trustees are being urged top consider how individual members might react in the current environment to headline market or fund value falls or reductions or loss in earnings. Members could make inappropriate decisions, crystallise losses, or be exploited by scams, it warns.

TPR executive director of policy David Fairs says: “The significant measures and clear guidance we are announcing reflect the unprecedented and challenging situation trustees and employers find themselves in. The current scheme funding regime is flexible enough to cope with the impact of a severe economic downturn. However, we are actively considering what additional support and guidance we need to provide now so that those who manage and contribute to people’s savings can take the right steps to ensure adequate protection, recognising the challenging situation some scheme sponsors are in.

“We will continue take a reasonable, pragmatic and proportionate approach in the weeks and months ahead and we call on trustees to follow the guidance closely to make well balanced decisions.”

 

 

The post TPR green lights suspension of deficit reductions and use of pre-crash market assumptions appeared first on Corporate Adviser.

TweetShareShare
Previous Post

Covid-19 excluded from critical illness claims – CA group risk Covid round table

Next Post

L&G update on service standards for intermediaries

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

Category

  • By Provider
  • News
  • Not for search
  • Provider page archive
  • Uncategorized
  • video
CAPA data

© 2019 Definite Article Media Limited. Design by Bedazzled Media Limited.

  • About
  • Advertise
  • Contact us
  • Privacy policy
  • Syndication

Follow us

No Result
View All Result
  • About
  • Advertise
  • Contact us
  • Privacy policy
  • Syndication

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptReject Read More
Privacy & Cookies Policy
Necessary
Always Enabled