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

10 Jun 2014: TPR publishes revised funding code
TPR has published its revised draft Code of Practice on Funding following feedback received from the consultation which closed in February. 
In response to feedback the revised code is somewhat shorter than the initial draft and was accompanied by a 9 page ‘Essential guide’ for trustees containing a high level view of the defined benefit funding process and the 9 principles covering TPR’s expectations of trustees and employers.
The revised Code carries forward the key themes from the initial draft and any changes made are for reasons of clarity.  Key points of clarification include:
  • The requirement to minimise any adverse impact on the sustainable growth of an employer is an objective for the regulator, not for trustees - the trustees’ objective is to comply with their fiduciary and legislative duties
  • Trustees should seek to ‘manage’, not necessarily ‘mitigate’ risk, and the employer should neither have to cover all conceivable risks, nor repair immediately those that crystallise
  • The emphasis on reasonable affordability has moved away from repaying deficits as quickly as reasonably affordable to considering the appropriate period in which to do so in view of the risks to the scheme and the impact on the employer
  • It may be appropriate for schemes with strong technical provisions and covenants to have longer recovery plans

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