Member

Proportionality remains a key theme throughout the code. TPR has made clearer the level of detail and analysis that it expects from trustees, depending on the scheme’s circumstances, when setting the low dependency investment allocation and assessing the employer covenant and supportable risk. The regulator carefully considered the feedback to its consultation on the statement of strategy, particularly in relation to undue burden and cost and ensuring that its approach reflected the circumstances of all schemes. For most schemes, the cost of compliance is likely to be low. Many schemes will be asked for less information than was proposed in the consultation.