TPR’s interim response to statement of strategy consultation released
TPR’s interim response to statement of strategy consultation released
03 Oct 2024
What you need to know
- On 23 September 2024, The Pensions Regulator (TPR) published an interim response to its March 2024 statement of strategy consultation.
- As introduced by the Pension Schemes Act 2021, trustees and employers of defined benefit (DB) schemes with actuarial valuation dates on or after 22 September 2024 are required to agree a long-term funding and investment strategy, record it in the statement of strategy and submit it to TPR within the usual 15-month deadline for submission of an actuarial valuation.
- In this interim response, TPR provides comments on the changes it has made to its approach and have provided details of the updated data requirements that schemes will need to provide after agreeing a statement of strategy. For many schemes, the changes will reduce the amount of information that must be provided. There is also more flexibility to describe unique scheme circumstances.
- Schemes will not be able to submit a statement of strategy until TPR’s new digital service is launched in spring 2025.
- TPR has also published four new illustrative templates of the statement of strategy depending on whether a scheme is submitting a Fast Track or Bespoke valuation, and whether it is before or after its relevant date. The final appearance of the templates may change until the digital service is launched but the data requirements are not expected to materially change.