Atkin trustees, actuaries, consultants & administrators

Current issues - April 2020

COVID-19 – TPR Guidance:  TPR has continued to issue new guidance on reporting breaches of law which Trustees (and other parties) should be aware of in these difficult circumstances where compliance might be more difficult.

COVID-19 - Potential effects on mortality:  Whilst it is too early to say how mortality assumptions will impact future valuations it seems certain there will be an impact but whether that works in the direction one might think is not necessarily a foregone conclusion.

 TPR DB Funding Code and RPI Reform – Consultation delayed:  As expected the consultations for both have been delayed but TPR still encourages Trustees to comply with the proposals for current valuations. We are still waiting for guidance on end of Q1 2020 valuations.

Protecting pension savers from scammers:  With members potentially being under more pressure to access their pension savings early, schemes should be on the lookout for scams and members making pension decisions that could be severely detrimental to them in the long-term. TPR has said that trustees will be asked to send DB members looking to transfer out a letter warning of the risks during the pandemic and urging them to consider the decision carefully.

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One of the key issues in the relationship is that you have kept a close and personal contact with the company and trustees. This has been very helpful in order to solve situations we have faced in the past and it gives us comfort for the future.

Martin, Administration and Actuarial client