Focused guidance is provided on how to approach the valuation given current circumstances, and what TPR expects from both trustees and employers, but equally, what they can expect in return.
The TPR makes clear that it understands that we are currently living in unprecedented times but reminds trustees and employers that they should continue to keep focus on the long term – particularly in terms of planning and risk management. The TPR’s aim is to support businesses and trustees to ensure that those individuals who are saving are protected.
The statement gives an update on some timely issues, such as COVID-19, and also on regulatory developments which will affect pension scheme management, both now and in the future.
Due to the current economic climate, and the uncertainty surrounding it, TPR may publish further guidance in the autumn.
Read the Annual Funding Statement in its entirety here.
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Recognised overseas pension schemes notification list 5 May 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been ten scheme names added to the list, and two removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
Briggs Family Retirement Fund Hillis Super Fund Hobbs Family Superannuation Fund McCamley Super Fund Raws Creative Superannuation Fund
Turners Independent Traders Tyrrell Superannuation Fund
Ireland
APT Master Trust
Isle of Man
Adam James Turton QROPS
Jersey
Kapai Limited
Schemes removed
Australia
Walking Dog Investments SMSF
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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