5th April press release from @TPRgovuk makes for fascinating reading: thepensionsregulator.gov.uk/press/trustees… "Trustees and sponsoring employers of defined benefit pension schemes must do more to protect member benefits, The Pensions Regulator has warned." 1/2 #USSStrike
"In its annual funding statement (AFS), published today, TPR says strong employers should consider contributing more money to reduce scheme deficits over a shorter period of time" 2/2 #USSStrike
Indeed, much of what @TPRgovuk says (e.g. here: thepensionsregulator.gov.uk/press/tpr-welc…) suggests they will take a dim view of reckless destruction of DB pensions. And it is clear that this is precisely what @universitiesuk is up to. #USSStrike
trustees is as follows: ""You must report to us as soon as possible if you fail to agree a valuation within 15 months of its effective date. We will expect a summary of what has been agreed, what remains to be agreed, and the steps you, the scheme employer and any other ...
"... relevant party (eg the scheme actuary) are taking in an effort to comply If you fail to agree a valuation we will take enforcement action where necessary. If trustees and employers are working with us in relation to the breach, this may include improvement notices and ...
... third-party improvement notices. When considering whether to impose a financial penalty we may consider other factors, for example whether we were notified of the breach in a timely fashion." Source: thepensionsregulator.gov.uk/trustees/db-de…
