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Statements

Our policy and Annual Funding Statements (AFS) arranged by year. We often issue a policy statement where we feel an area of regulation needs clarifying or prioritising. The AFS sets out our expectations for trustees and employers of defined benefit (DB) schemes.

2023 statements

Value for money framework and DWP’s master trust review
Published: November 2023
Statement on the value for money (VFM) framework and DWP’s master trust review.

Annual Funding Statement Analysis 2023
Published: June 2023
A review of defined benefit (DB) pension schemes with valuation dates between September 2022 and September 2023 (Tranche 18 or T18 valuations).

Capita cyber security incident
Published: May 2023
Statement on the actions that trustees should take if their pension scheme is affected by the Capita cyber security incident.

Annual Funding Statement 2023
Published: April 2023
Particularly relevant to DB schemes with valuation dates between 22 September 2022 and 21 September 2023 (Tranche 18), as well as schemes undergoing significant changes that require a review of their funding and risk strategies.

Supporting defined contribution savers in the current economic climate
Published: January 2023
This statement is for trustees of defined contribution (DC) schemes and their advisers. It sets out the main points on how schemes should communicate and support savers through this period.

2022 statements

Regulating pensions and retirement income: FCA/TPR regulatory strategy update
Published: December 2022
This document provides a high-level update on the FCA/TPR 2018 joint regulatory strategy for the pensions and retirement income sector.

Annual Funding Statement Analysis 2022
Published: May 2022
A review of DB pension schemes with valuation dates between September 2021 and September 2022 (Tranche 17).

Annual Funding Statement 2022
Published: April 2022
Particularly relevant to DB schemes with valuation dates between 22 September 2021 and 21 September 2022 (Tranche 17), as well as schemes undergoing significant changes that require a review of their funding and risk strategies.

2021 statements

Annual Funding Statement 2021
Published: May 2021
Particularly relevant to DB schemes with valuation dates between 22 September 2020 and 21 September 2021 (Tranche 16), as well as schemes undergoing significant changes that require a review of their funding and risk strategies.

Annual Funding Statement Analysis 2021
Published: June 2021
A review of DB schemes with valuation dates between September 2020 and September 2021 (Tranche 16).

2020 statements

Annual Funding Statement 2020
Published: April 2020
Particularly relevant to schemes with valuation dates between 22 September 2019 and 21 September 2020 (Tranche 15), as well as schemes undergoing significant changes that require a review of their funding and risk strategies.

Annual Funding Statement Analysis 2020
Published: June 2020
A review of defined benefit (DB) pension schemes with valuation dates between September 2019 and September 2020 (Tranche 15).

2019 statements

Single code of practice statement
Published: July 2019
As part of becoming clearer, quicker and tougher we intend to make changes to our existing codes of practice.

Climate change joint statement
Published: July 2019
Joint statement welcoming the UK’s Green Finance Strategy from the Prudential Regulation Authority, the Financial Conduct Authority, the Financial Reporting Council and The Pensions Regulator.

New shareholder engagement requirements for trustees
Published: June 2019
Regulations were laid in Parliament on 6 June 2019 to improve transparency of information on how trustees engage with their asset managers.

2018 statements

Managing service providers statement PDF 426KB , 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.

Older statements

Prohibition orders
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.

Changes to State Pension age and communications with members PDF 74KB , 1 pages
Published: June 2016
Information for trustees from the Department for Work and Pensions (DWP) about changes to the State Pension age.
Notes for insolvency practitioners: trustees and statutory notices statement PDF 63KB , 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.
'Bridge statement' - changes to the definition of money purchase benefits PDF 84KB , 5 pages
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.
Identifying your statutory employer PDF 82KB , 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 130KB , 11 pages
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.
Enhanced transfer value exercises PDF 144KB , 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.