Matthew Arends

The industry has provided a predominantly negative response to the confirmation today that the lifetime allowance will be frozen at £1,073,100 until April 2026.

While the pandemic will obviously leave its mark on UK schemes, there are hopes for some positive moves in 2021, says Matthew Arends

UK collective defined contribution (CDC) schemes would have weathered 2020 market volatility and would not have needed to cut member benefits, Aon says.

The Pensions Regulator’s (TPR) proposal for a ‘fast track’ approach to defined benefit (DB) scheme funding regulation is being “used too broadly” and in danger of suffering from “mission creep”, says Aon.

Charlotte Moore looks at how the Covid-19 economic crisis will affect funding for schemes in differing amounts.

The Pensions Regulator’s (TPR) annual funding statement aims to keep up pressure on schemes but tries to avoid putting undue strain on employers at a time of crisis, the industry says.

The actuarial valuations of at least a quarter of UK defined benefit (DB) pension schemes are likely to have been “badly impacted” by coronavirus-related disruption to markets, says Aon.

The Pensions Regulator (TPR) must adopt a “pragmatic” approach to the 15% of UK schemes that have valuation dates within the next three weeks, Aon has said.

Almost all UK defined benefit (DB) schemes (92%) have set clear long-term funding targets, with most focused on buyout or self-sufficiency, according to Aon.

Panellists at an industry roundtable discuss their need for more clarity and balance from the regulator. James Phillips reports