PENSIONS REGULATOR: ANNUAL FUNDING STATEMENT

The Regulator has published its 2013 annual DB funding statement which encourages schemes to make greater use of the existing flexibilities in the scheme funding regime.

The Regulator will consult this autumn on a revised code of practice on scheme funding. That consultation will also cover how the Regulator assesses risk as it is moving away from setting triggers focussed on individual items such as technical provisions.

Action

Employers and trustees of schemes undergoing valuations with valuation dates between September 2012 and September 2013 should review the statement.

IORP II DIRECTIVE: SOLVENCY PROPOSALS DROPPED

The EC has announced that it will not proceed with proposals to introduce new solvency requirements for occupational pension schemes in the revised IORP Directive which it is currently preparing.

Action

No action required.