The Pensions Regulator (TPR) launches statement of strategy consultation

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26 Mar 2024

What you need to know

On 5 March, The Pensions Regulator (TPR) launched a consultation on the form and content of the ‘statement of strategy’. As introduced by the Pensions Schemes Act 2021, trustees and employers of defined benefit schemes are required to agree a long-term funding and investment strategy and record it in the statement of strategy, to be submitted to TPR. The consultation runs to 16 April 2024.
Schemes with actuarial valuation dates on or after 22 September 2024 will have to complete and submit their statement of strategy within the usual 15-month deadline for submission of an actuarial valuation.
The statement of strategy will have two parts. Part 1, which must be agreed with the employer, will document the agreed funding and investment strategy. Part 2 will set out supplementary matters including progress on the agreed strategy and key covenant, investment and funding risks inherent in the strategy, and associated mitigations. Part 2 requires employer consultation.
TPR intends to provide templates for the statement of strategy, to be used depending on scheme circumstances. An example of a completed template was included in the consultation documents.
It is proposed that reduced information will be required for smaller schemes.

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