Hogan Lovells

Key Dates

Annual funding statement issued on 30 April 2020.

The Regulator will consider issuing further guidance in autumn 2020, as the duration and impact of the current economic uncertainty evolves.


The Pensions Regulator has issued its 2020 funding statement, aimed especially at schemes whose actuarial valuations have an effective date between 22 September 2019 and 21 September 2020 (the "T15" cohort), plus schemes undergoing significant changes that require a review of their funding and risk strategies.

Following positive feedback to the 2019 funding statement, the Regulator has reproduced and updated the tables used last year to target pension schemes in different circumstances. When using the tables, the Regulator suggests that trustees identify the table closest to their position by first deciding:

Key points include the following.

Consultation on DB funding code

Funding levels

Taking account of post-valuation experience

Changing the valuation date

March and April 2020 valuations

Recovery plans and affordability

Intervention by the Regulator

Covenant assessment

Covenant leakage

The Regulator is concerned about group trading arrangements and intra-group charges and fees, unless these are on third party commercial terms. 

Date Accessed: 28/05/2022