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

3 Sep 2015: TPR takes dim view of late valuations
The Regulator today published  a section 89 report (ie use of regulatory powers) on its involvement with the Docklands Light Railway Pension Scheme.  The valuations for that scheme for 2009 and 2012 were considerably overdue their 15 month statutory deadlines so the Regulator issued a warning notice with a view to exercising its funding powers (ie compel the trustees to obtain skilled person reports on the covenant and funding). 

It appears that the Trustees had a power to demand contributions under the Trust Deed and Rules and they were ultimately able (with encouragement from TPR) to take the statutory employer Serco Ltd to court and obtain appropriate funding.  A settlement was reached in November 2014 whereby the deficit revealed by the 2012 valuation (£36.1m) would be cleared by January 2018. TPR’s powers were never exercised.
 
The full report can be found at:
 
http://www.thepensionsregulator.gov.uk/docs/section-89-report-docklands-light-railway.pdf

Argyll comment:

The Regulator's funding powers tend to get less publicity than the anti-avoidance powers so a timely reminder to trustees and employers that they exist.  To quote TPR Chief Exec Lesley Titcomb from the accompanying press release:
 
“Our action in this case demonstrates we will work closely with schemes to address non-compliance but also that we have a low tolerance for late actuarial valuations.  As late actuarial valuations can create uncertainty and could increase risks to both the scheme and the employer, we will consider whether to use our powers to protect member outcomes and ensure employers meet their obligations.”
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