The Pensions Regulator’s statement on current financial pressures

The Pensions Regulator has today announced it is sending a statement to scheme trustees setting out its general position in relation to the current market conditions.

The Regulator acknowledges that “developments in financial markets will be of great concern to trustees, sponsoring employers and scheme members”.

The statement highlights:

the importance of keeping investment portfolios under review in relation to the overall investment approach and in relation to the exposure to ‘toxic’ asset classes
that the Regulator’s current codes of practice and guidance cover the relevant issues and work across a range of economic conditions
the need to keep the employer covenant under review and to judge whether existing recovery plans are adequate given current conditions
that trustees should continue to focus on making sound decisions in the long-term interests of scheme members.

David Norgrove (Chairman of the Pensions Regulator) commented on the statement as follows: “The main issues faced by pension schemes in the current economic climate seem likely to be the more general fall in asset values and emerging pressures on employer covenants.”

To view the statement please click here.

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