Your Quarterly Pensions Update Q2 2020

Andrew Kerrin

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Over the last three months we have experienced an unprecedented degree of uncertainty in our lives.  The question, “What’s coming next?” has been a frequent utterance, with very few (if any) sure answers being provided.  Gaining a grasp of what we will be doing next week, never mind next month, has often been difficult and unsettling.

Set against our uncertain, pandemic themed, world, the pensions industry now seems stable and straightforward by comparison – a testament indeed to the strange times in which we now live!  So, let us look to the main issues that occurred over the last quarter and then ask what is coming up next in our industry, in the knowledge that there are still events that we can respond to and plan for with more certainty.  That should make for a pleasant change from the ambiguity that has become our norm.

Spence have compiled our latest report, highlighting any actions that trustees and sponsors of pension schemes may need to take in the near future.  As you’d expect, the Covid-19 pandemic takes a prominent role in the report, including an update on the latest guidance from the Pension Regulator (TPR). However the report also looks beyond the pandemic, addressing important developments, such as the lightning-paced enactment of the Corporate Insolvency and Governance Act 2020, TPR’s recently issued Annual Funding Statement, the latest on legal sagas involving the Hampshire judgment and RPI/CPI substitution, and our own effort to answer that question, “what’s coming up next?”.

As always, we hope that this quarterly report can be of assistance. From everyone at Spence, we hope you continue to stay safe and enjoy the read.

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