UK - The Pensions Regulator has issued its first analysis of recovery plan data received under the Pensions Act. The data was supplied by schemes in deficit and covers their plans to return to surplus.
The key findings of the report state that trustees and employers are more aware of the need to make prudent assumptions for the calculation of technical provisions and these are of an increasingly high accounting standard.
Of the 70% or so of funds which ‘triggered’ regulator action, the vast majority of problems were fixed relatively easily and there was a high degree of importance being placed on following the regulator's Code of Practice.
However, the regulator warned a failure to adhere to the Code of Practice or not act in the interests of stakeholders would be met with the full force available to the body.
Tony Hobman, chief executive of the Pensions Regulator said: “We have begun to see some failures to agree. We take this issue very seriously and will not hesitate to use our powers if necessary.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.