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Statements

Our policy statements and responses arranged by year. We often issue a policy statement where we feel an area of regulation needs clarifying or prioritising.

2018 statements

Annual defined benefit funding statement 2018
PDF 86KB , 16 pages
Published: April 2018
This statement is relevant to trustees and employers of all defined benefit (DB) pension schemes but is primarily aimed at those undertaking valuations with effective dates in the period 22 September 2017 to 21 September 2018 (2018 valuations).
Summary of the key messages from the annual DB funding statement 2018
PDF 217KB , 16 pages
Summarises the key messages from the annual funding statement and can be downloaded to use in meetings.
Annual funding statement analysis 2018
PDF 733KB , 13 pages
A review of DB pension schemes with valuation dates between September 2017 and September 2018 (Tranche 13).
Managing service providers statement
PDF 411KB , 2 pages
Published: February 2018
Summarises our expectations of good practice by trustees and scheme managers on the management of service providers.

TPR and FCA: Our strategy for pensions
Published: January 2018
The FCA and TPR are working together on a pensions regulatory strategy on how to tackle the key risks facing the pensions sector in the future.

2017 statements

Annual defined benefit funding statement 2017
PDF 108KB , 12 pages
This statement is relevant to trustees and employers of all defined benefit (DB) pension schemes but is primarily aimed at those undertaking valuations with effective dates in the period 22 September 2016 to 21 September 2017 (2017 valuations).
Summary of the key messages from the annual DB funding statement 2017
PDF 157KB , 7 pages
Summarises the key messages from the annual funding statement and can be downloaded to use in meetings.
Annual funding statement analysis 2017
PDF 206KB , 36 pages
A review of DB pension schemes with valuation dates between September 2016 and September 2017 (Tranche 12).

2016 statements

Prohibition orders
PDF 126KB , 9 pages
Published: July 2016
This statement explains the policy the regulator will adopt in exercising its power to prohibit a person from being a trustee if the Determinations Panel is satisfied that they are not a 'fit and proper' person.

Market volatility following the EU referendum: guidance statement from TPR
Published: July 2016
Sets out our main messages and key areas for action to trustees of DB and DC pension schemes in light of the recent referendum vote in favour of leaving the EU.

Changes to State Pension age and communications with members
PDF 61KB , 1 pages
Published: June 2016
Information for trustees from the Department for Work and Pensions (DWP) about changes to the State Pension age.
Annual defined benefit funding statement 2016
PDF 90KB , 8 pages
Published: May 2016
This statement is relevant to trustees and employers of all DB pension schemes but is primarily aimed at those undertaking valuations with effective dates in the period 22 September 2015 to 21 September 2016 (2016 valuations).
Summary of the key messages from the annual funding statement 2016
POWERPOINT 187KB
This presentation summarises the key messages from this year’s annual funding statement and can be downloaded to use in meetings and discussions.
Annual funding statement analysis 2016
PDF 285KB , 39 pages
A review of DB pension schemes with valuation dates between September 2015 and September 2016 (Tranche 11).

Older statements

Notes for insolvency practitioners: trustees and statutory notices statement
PDF 43KB , 5 pages
Published: September 2015
Assists insolvency practitioners (IPs) to understand The Pensions Regulator’s views on scheme trustee appointments and statutory obligations to notify
Annual defined benefit funding statement 2015 
PDF 152KB , 10 pages
Published: May 2015
Sets out our key messages on current market conditions and how trustees and employers can agree appropriate funding plans which protect members’ benefits without undermining the sustainable growth of the employer
Annual funding statement analysis (Tranche 8 review)
PDF 290KB , 34 pages
An overview of funding outcomes for DB schemes with effective valuation dates in the period between 22 September 2012 and 21 September 2013 (Tranche 8)
Annual funding statement analysis (Tranche 10 expected positions)
PDF 262KB , 36 pages
A look forward to DB pension schemes with valuation dates between September 2014 and September 2015 (Tranche 10)
'Bridge statement' – Changes to the definition of money purchase benefits
PDF 69KB , 5 pages
Published: July 2014
From 24 July 2014, section 29 of the Pensions Act 2011 (‘2011 Act’), which amends the statutory definition of money purchase benefits contained in section 181 of the Pension Schemes Act 1993, comes into effect
Annual defined benefit funding statement 2014
PDF 77KB , 6 pages
Published: June 2014
Sets out our key messages for DB schemes undertaking 2014 valuations in light of current market conditions
Scheme funding analysis (Tranche 7 review)
PDF 320KB , 20 pages
A review of valuation and recovery plans for DB scheme valuations with effective dates in the period September 2011 to September 2012 (Tranche 7)
Scheme funding analysis (Tranche 9 expected positions)
PDF 582KB , 27 pages
Our analysis of the expected positions as at March 2014 of DB pension schemes with valuation dates between September 2013 and September 2014 (Tranche 9)
Identifying your statutory employer
PDF 81KB , 12 pages
Published: December 2013
This statement is aimed at the trustees of schemes with defined benefits and their advisers, to help them understand why it's important to be clear who legally stands behind their scheme, and what they need to do
Statement on double counting - section 75 debts / scheme funding obligations
PDF 100KB , 11 pages
Published: October 2013
This statement is aimed at trustees and employers of multi-employer defined benefit (DB) schemes, and their advisers. These are the schemes where double counting is most likely to arise. It will also be of interest to trustees of other DB schemes.
Statement on Uniq - revised section 89 report
PDF 108KB , 2 pages
Published: May 2013
Statement from The Pensions Regulator about the revised section 89 report on the Uniq pension scheme
Uniq - revised section 89 report
PDF 97KB , 5 pages
Published: March 2012
Annual defined benefit funding statement 2013
PDF 90KB , 8 pages
Published: May 2013
Statement to help trustees and sponsoring employers to agree valuations and deficit recovery plans that protect the interests of savers, whilst also being affordable for employers
Supporting analysis and evidence
PDF 604KB
Analysis of the landscape affecting 2013 valuations
Research report on the 2013 scheme funding statement
PDF 773KB , 45 pages
Findings from the quantitative survey that we conducted following the publication of our DB annual funding statement 2013
Incentive exercises
PDF 56KB , 6 pages
Published: July 2012
Statement for employers considering an incentive exercise, the trustees of the affected defined benefit schemes and those who advise them
Annual defined benefit funding statement 2012
PDF 121KB
Published: April 2012
Statement for trustees and employers of defined benefit (DB) schemes setting out the regulator's views on acceptable approaches to the valuation process in the current economic environment
Scenarios for scheme funding plans in the current economic conditions
PDF 339KB , 8 pages
Three scheme scenarios which illustrate how we see the approaches set out in our annual funding statement working in practice
Research report on the 2012 scheme funding statement
PDF 84KB
Published: May 2013
Summary of research findings relating to the statement on scheme funding in the current environment
Member record-keeping: what trustees can expect from statutory auditors
PDF 139KB , 4 pages
Published: February 2011
Statement helping trustees to understand the extent and limits of the auditor's work in a statutory pension scheme audit
Employer related investments
PDF 89KB , 6 pages
Published: November 2010
Statement setting out what trustees should consider when potentially at risk of breaching restrictions relating to employer related investments
Regulated apportionment arrangements (RAAs) and employer insolvency
PDF 58KB , 3 pages
Published: August 2010
Statement describing the process to be followed for RAA applications
Enhanced transfer value exercises
PDF 91KB , 3 pages
Published: July 2010
A joint statement by the Financial Services Authority (succeeded by the Financial Conduct Authority and Prudential Regulation Authority in April 2013) and The Pensions Regulator setting out a strengthened position on transfer incentives