Skip to main content


COVID-19 – impact on UK pension scheme funding for forthcoming valuations, and changes in the UK regulatory regime

As covered in our previous briefing, in light of the coronavirus pandemic, there are immediate moves by many companies to suspend pension contributions,  among other measures. 

Looking to the medium-term, there will be sharp increases in the funding deficits of UK defined benefit pension schemes.  This will affect forthcoming actuarial valuations for some time to come and the increased funding costs for many employers is likely to be a drag on their recovery and therefore on business investment and economic growth.

We have today issued:
  • A blog entry on the regulatory environment, now and in the future.
  • A briefing (below) on the comprehensive overhaul of the regulatory Code for scheme funding by the Pensions Regulator (TPR), announced before the coronavirus pandemic. 
  • A briefing (below) on the approach TPR may take during the years of recovery from the crisis, and how it can be reconciled with the new funding regulatory framework. 

The overhaul of the defined benefit pension scheme funding regime - 17 April 2020
(PDF - 170.1 KB)

Download PDF

COVID-19 - the impact on pension scheme funding - 17 April 2020
(PDF - 147.3 KB)

Download PDF