TPR publishes final wind-up guidance for trustees

The regulator said the approach had been broadly welcomed by the pensions industry and had been supported by the Pension Protection Fund and the Financial Assistance Scheme.

The regulator said it hoped the guidance would speed up the wind-up process and the length of the PPF assessment period.

TPR chief executive Tony Hobman said: "The wind-up guidance, alongside our trustee toolkit learning modules, provides trustees with the support they will need when preparing for and undertaking a scheme wind-up.

"The aligned approach between the regulator, PPF and FAS will ensure consistency between the three organisations and maximise regulatory impact."

The guidance provides suggestions for trustees to meet the two-year frame in relation to winding up occupational pension schemes.

The regulator said the guidance was also relevant to trustees of live scheme as it provided good advice on best practice.

Minister for pensions reform Mike O’Brien said: "This guidance is welcome, not just for the clarity it brings to trustees, but for the reassurance it can bring scheme members.

"Member can now know that the activities of wind-up should be completed within two years, the best practices their scheme should follow and the benefits they can receive."