4 May 2021: Argyll opens Leeds office

17 Jun 2020: TPR updates Contribution Deferral guidance

5 Aug 2019: TPR's tougher stance on recovery plans

7 Mar 2019: TPR’s Annual Funding Statement a game-changer

7 Dec 2018: DWP publishes superfund consultation

26 Jun 2017: TPR agrees settlement with Coats

30 Apr 2017: PM promises TPR M&A powers

28 Feb 2017: TPR agrees settlement with Sir Philip Green

9 Nov 2016: Brexit so far

8 Nov 2016: BHS ripple effect

2 Nov 2016: Sir Philip Green sent warning notice

1 Nov 2016: Argyll Financial becomes Argyll Covenant

3 Oct 2016: Tata Steel update

2 Jun 2016: BHS to be liquidated

29 Mar 2016: Tata plans sale of UK Steel

3 Sep 2015: TPR takes dim view of late valuations

13 Aug 2015: New TPR covenant guidance

28 May 2015: Contribution notice in Carrington Wire case

22 Dec 2014: Third warning notice for Guinness Peat

18 Dec 2014: New PPF rules for Asset-Backed Contributions

19 Aug 2014: TPR announces Lehman Brothers settlement

10 Jun 2014: TPR publishes revised funding code

27 Mar 2014: EC postpones holistic balance sheet

20 Mar 2014: PPF announces new insolvency risk model

17 Mar 2014: PPF guarantees harder to certify

7 Feb 2014: Argyll Financial submits consultation response

2 Dec 2013: Regulator publishes new draft funding code

19 Nov 2013: Asset-backed contributions guidance from TPR

22 Oct 2013: FSD warning helps MF Global scheme buyout

10 Sep 2013: TPR supportive of Kodak restructuring

31 Jul 2013: Schneider Electric acquires Invensys for £3.4bn

24 Jul 2013: Supreme Court overturns FSD super-priority

8 May 2013: Support for employers in TPR's Statement

27 Mar 2014: EC postpones holistic balance sheet
The European Commission has published its long-awaited revisions to the directive on occupational pensions.

As had been expected since an announcement in May 2013, the draft Institutions for Occupational Retirement Provision (IORP) II Directive did not contain the so-called ‘Solvency II for pensions’ requirements which would have introduced a pensions solvency regime across Europe.  This included a holistic balance sheet whereby the strength of the covenant was converted into a capital value.

Although the original solvency measurement proposals met considerable opposition they have not been dropped as such and are likely to be revisited at some point in the future.

Argyll comment:  While we appreciate presenting the covenant quantitatively as a capital value might provide a useful comparison mechanism we are not convinced that this is ultimately helpful.  At the core is a valuation of an income stream from the employer, the size of which is subject to a wide variety of factors that cannot easily be modelled or predicted over the duration of a recovery plan. 

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