Atkin trustees, actuaries, consultants & administrators

Current issues - May 2020

TPR – Annual Funding Statement 2020: TPR has released its 2020 Annual Funding Statement aimed at schemes with a valuation dated between 22 September 2019 and 21 September 2020. It expects Trustees to review whether it would be appropriate to take any action following the significant market volatility. There is different guidance depending on what stage any actuarial valuation might be although TPR stresses that Recovery Plans should focus on the affordability of the employer and their sustainable growth plans, whilst maintaining fair treatment. They suggest that Trustees may want to consider the different possible rates and periods of economic recovery, as well as potential longer-term effects. There is also a steer for trustees to take independent specialist covenant advice, trustees undertaking their own assessment should document their reasons for not taking professional advice.

Signing documents during lockdown: How trustee boards might address the difficulties in arranging for documents to be signed during lockdown.

PPF Levy – the impact of Covid-19: PPF has issued a statement reassuring levy payers that Covid-19 will have a minimal impact on the amount of levy that they expect to charge this autumn. Whilst this may provide some reassurance to trustees and sponsors for 2020, it remains to be seen how the risk-based levy will change in 2021.

Pension Scams – TPR issues template letter for members: TPR has prepared a letter to issue to members who have requested a transfer value.

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The service provided was at such high level that I have subsequently introduced Richard to other Final Salary Schemes and continue to be continually impressed with the level of service. Atkin are responsive and understanding and are quick to identify potential issues before they arise. Communications between the employer, adviser, Actuary, accountant etc. are excellent & I have no hesitation in recommending them.

Mike Emery, Ashley Law