Tools and information to help prepare and submit the statement of strategy and other valuation documentation relating to an actuarial valuation with an effective date on or after 22 September 2024.
Published: 28 May 2025
Data requirements in the statement of strategy:
In our interim response to the statement of strategy consultation, we said that once the digital service is available, the information and data requirements of the statement of strategy would not change from the illustrative templates then provided – but that we would be having discussions with trustees and employers to inform our approach.
The data requested in the service now available is unchanged from the illustrative templates and data list originally published, with two exceptions. As a result of our user research, we will now be requesting the following additional information:
- Identification of all entities contributing to employer cash flows
Where employer cash flow information is required in the covenant section, trustees need to provide the full name and identifying details (for example, Companies House number) of these entities. Our user research suggested that providing this information would not result in additional costs as it’s already gathered by the covenant adviser. This information will enable us to identify the employers which form the basis of the trustees’ assessment of employer cash flows. Many schemes will not be required to provide employer cash flow information (for example, all schemes making a Fast Track submission).
- Date that the funding and investment strategy was completed
In addition to providing the date of the statement of strategy, we will require the date that the funding and investment strategy was completed. This will help us identify if the funding and investment strategy has been finalised within the required regulatory timeframe.
Schemes with valuation effective dates before 22 September 2024
The defined benefit (DB) funding code of practice published in July 2014 will continue to apply to schemes with effective valuation dates occurring before 22 September 2024.
Schemes with these earlier valuation dates should follow this code of practice and submit information and documentation in respect of such a valuation using the existing process on recovery plans in our Exchange online service.
Overview of the service
Our Submit a Scheme Valuation service is a new service that enables trustees to complete their statement of strategy and upload the associated valuation documentation. The service includes the following elements:
- a statement of strategy spreadsheet that you will need to complete with the required information to produce a statement of strategy.
- an interface for you to upload the statement of strategy spreadsheet and other required documents depending on your scheme’s circumstances.
The statement of strategy spreadsheet
You must use the statement of strategy spreadsheet we provide here to collate and submit the data and information to comply with the legislative requirements.
Download the statement of strategy spreadsheet (XLXS, 2.11 MB)
Version: 1, Published: 28 May 2025.
When starting your scheme valuation, make sure you are using the latest version.
Complete the statement of strategy spreadsheet
You will only be asked to provide the data and information that we require.
The answers you give to earlier statement of strategy questions will determine the questions you are asked later in the spreadsheet.
Begin completing the spreadsheet on the ‘Start here’ worksheet and ensure that you answer questions in sequence.
You will find guidance related to each worksheet and, where relevant, to individual questions contained within the worksheet.
Check your answers
As you complete the spreadsheet, any errors will be highlighted next to the answer. You can also review a list of all the errors in the ‘Error report’ worksheet. Fix these errors to prevent them appearing in the generated statement of strategy. Failure to resolve errors may prevent you from uploading the completed spreadsheet.
Prepare the statement of strategy
As you answer the required questions, your statement of strategy will be updated in the ‘Statement of strategy’ worksheet. You can review this as any time. Any changes you make to the data will be reflected in the statement of strategy.
Once you have ensured the statement of strategy is free of errors, you can print it or save it as a PDF so it can be signed by the chair of trustees.
Get the statement of strategy signed
The chair of trustees must sign the statement of strategy (digitally or on paper). You do not need to submit a signed copy of the statement of strategy. You will need to confirm that it has been signed.
If your scheme is required to provide a summary of the trustees’ analysis of maximum affordable contributions or their assessment of supportable risk over the reliability period, ensure it is attached as an appendix to the statement of strategy before the chair signs.
What you will need to submit
Trustees of all schemes
All schemes will need to provide the following items:
- The statement of strategy spreadsheet (in XLSX format).
Once the statement of strategy has been signed by the chair of trustees, you will then be able to submit the statement of strategy. To do this you will need to upload the statement of strategy spreadsheet, which contains the same version of the statement of strategy that will have been signed by the chair of trustees.
- A copy of the actuarial valuation (in PDF format).
The actuarial valuation is the written report, prepared and signed by the scheme actuary, valuing the scheme’s assets and calculating its technical provisions. It should not be confused with the actuarial report.
- The date the funding and investment strategy was completed following consultation with the employer.
- The date the statement of strategy was signed by the chair of trustees.
Schemes in deficit
Trustees of schemes that, at the effective date, are in deficit on a technical provisions’ basis, also need to provide:
- a recovery plan
- a schedule of contributions
You will need to add your recovery plan and schedule of contributions to the actuarial valuation to upload these as a single document.
Schemes following a Fast Track approach
You will need to confirm that you have received confirmation from your scheme actuary that they are satisfied your scheme can follow a Fast Track approach.
Read the wording of the Fast Track actuarial confirmation to be supplied by your actuary.
Other requirements
Some schemes may also need to upload one of the following documents:
- A summary of the trustees’ analysis of the maximum affordable contributions (in PDF format).
- A summary of the trustees’ assessment of supportable risk over the reliability period (in PDF format).
As you enter the relevant information into the spreadsheet, you will be notified about which, if any, of these documents you need to provide.
Submission
Once you have completed the statement of strategy and prepared the documents relevant to your scheme, use the online Submit a Scheme Valuation service.
What happens next
When you submit your completed statement of strategy and supporting documentation to us, you will receive an automated, on-screen notification message.
You will also receive an acknowledgement email, with a unique reference number, confirming that the submission has been received. The email will be sent to the submitter’s email address only.
Contact us if you have any questions.
Illustrative templates
Open the document that matches your scheme’s status for an illustration of what will be in your statement of strategy.
Note: These documents are not to be used to complete your statement of strategy.
Fast Track pre-relevant date statement of strategy
Fast Track post-relevant date statement of strategy