Key speechesRegulation round up: June 2009
Published: Pensions World, June 2009
DB funding workshops
During June the regulator toured the UK, running a series of funding workshops. Attended by more than 1,000 trustees, employers and pension advisers, these were designed to clarify our position on prudence, affordability and flexibility in DB funding as well as look at de-risking strategies and the role of trustees in critical funding negotiations.
Discussions between delegates were very lively and healthy debate arose around many issues including non-insured buy outs and levels of prudence in setting technical provisions.
These were also a vital opportunity for us to listen to the concerns and experiences of trustees. We certainly learned from those who attended and we hope that the delegates went away with a greater understanding of our position on funding both in the current economic conditions and in the long-term.
For those who could not attend the content is available on our DB funding page. Here you can find a series of online case studies that provide further insight into the important task of setting funding targets and agreeing recovery plans, as well as a webcast of the speeches delivered during the workshops.
Trustee Toolkit
The scope of our Trustee Toolkit also increased in June with the release of a new module on buyouts and buy-ins.
Many new de-risking strategies are facing trustees at this time and the new Trustee Toolkit module provides guidance to those considering transferring pensions risk to insurers. The module covers topics including what a buy-in and partial buy out are, the role of the employer and the trustee in the transaction, data management and administration, the process of bulk annuity purchase and issues around the available options and scheme objectives.
We are pleased to hear that the Toolkit continues to be an invaluable source of information and guidance for trustees. This is clear from our recent consultation on the revised TKU code of practice. In the vast majority of cases respondents gave positive feedback about the relevance and accessibility of the Toolkit.