As we emerge from a COVID world, agreeing on a long-term funding target is a key 2021 focus for trustees. Galvanised by the Pensions Regulator (TPR)’s new Defined Benefit (DB) Funding Code of Practice, trustees and sponsors must address the maturing status of their DB schemes.

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Following the conclusion of the recent consultation on the reform of the Retail Prices Index (“RPI”, “the Consultation”), it is likely that from the year 2030, RPI will be aligned with CPI-H (Consumer Prices Index including Housing costs). This means that the actuarial assumptions used to calculate CPI-linked liabilities for UK pension schemes are likely to change for future actuarial valuations, resulting in a step-change in liability values and therefore a potential mismatch with the corresponding liability hedge.

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We will remember 2020 as a rollercoaster year as the world grappled with the pandemic and its impact on people and markets alike. So what has this meant for pension scheme funding and the steps we have taken on behalf of clients? What’s on the horizon?

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