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The Pensions Regulator (TPR) launches statement of strategy consultation

The Pensions Regulator (TPR) launches statement of strategy consultation

26 Mar 2024

What you need to know 

  • On 5 March, The Pensions Regulator (TPR) launched a consultation on the form and content of the ‘statement of strategy’. As introduced by the Pensions Schemes Act 2021, trustees and employers of defined benefit schemes are required to agree a long-term funding and investment strategy and record it in the statement of strategy, to be submitted to TPR. The consultation runs to 16 April 2024.
  • Schemes with actuarial valuation dates on or after 22 September 2024 will have to complete and submit their statement of strategy within the usual 15-month deadline for submission of an actuarial valuation.
  • The statement of strategy will have two parts. Part 1, which must be agreed with the employer, will document the agreed funding and investment strategy. Part 2 will set out supplementary matters including progress on the agreed strategy and key covenant, investment and funding risks inherent in the strategy, and associated mitigations. Part 2 requires employer consultation.
  • TPR intends to provide templates for the statement of strategy, to be used depending on scheme circumstances. An example of a completed template was included in the consultation documents.
  • It is proposed that reduced information will be required for smaller schemes.

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