3 April 2020
Inside insight - 15 minutes with David Fairs
As part of our Chart your own course series, we spent 15 minutes with TPR's David Fairs to understand the latest on the current guidance for DB schemes in light of COVID-19 and what lies ahead for the DB Funding Code.
In the video we discuss:
- TPR’s emerging views on the main impacts of COVID-19 on DB schemes and the key risks trustees should be watching out for and their expectations of trustees - especially where they may be working with limited access to information.
- How TPR plans to engage with trustees and companies (both now and further down the line when conditions are more normalised), particularly where there may be requests to suspend deficit contributions
- On near completed valuations, understanding TPR’s expectations for the thought process trustees should go through if considering delays and also considering the position for schemes with more recent valuation dates.
- On transfer values, they consider the risks of scams, whether schemes should now be now pausing transfers and what messages trustees and administrators should be giving to members.
- Turning to the ongoing funding code consultation, David explains how TPR’s thinking on this is evolving in light of current events – and that many of the principles in the consultation may now be more relevant than ever
- Likely focus for the 2020 Annual Funding Statement and what further guidance we may expect from TPR in coming months
- And he finishes off by giving some insight into how TPR are coping with working from home!