Norton Rose Fulbright LLP
10/11/2024 | News release | Archived content
TPR publishes its occupational defined benefit scheme funding statistics for 2024
On September 24, 2024, the Pensions Regulator published its funding analysis for occupational defined benefit schemes and hybrid schemes in tranche 17, with effective valuation dates from September 22, 2021, to September 21, 2022.
The statistics compare the results in tranche 17 to those reported in tranche 14. The reason for this is that the schemes which were submitting valuations in tranche 17 would have submitted their previous valuation in tranche 14. Therefore, tranche 14 data is the most appropriate comparison to the latest tranche.
There were several changes to the approach of this year's analysis in comparison to previous years' reporting. For example, these results see a removal of statistics in relation to return-seeking assets. The most notable funding statistics are set out below.
It was reported that 47 per cent of schemes had reported a surplus position on the technical provisions basis in tranche 17, which compared to only 32 per cent in tranche 14.
The average funding level was 97 per cent in tranche 17, which compared to 92 per cent in tranche 14. This represents a 5per cent increase between funding cycles.
The average recovery plan in tranche 17 was 4.7 years. The same recovery plan in tranche 14 was on average 6.2 years.
The statistics compare the results in tranche 17 to those reported in tranche 14. The reason for this is that the schemes which were submitting valuations in tranche 17 would have submitted their previous valuation in tranche 14. Therefore, tranche 14 data is the most appropriate comparison to the latest tranche.
There were several changes to the approach of this year's analysis in comparison to previous years' reporting. For example, these results see a removal of statistics in relation to return-seeking assets. The most notable funding statistics are set out below.
It was reported that 47 per cent of schemes had reported a surplus position on the technical provisions basis in tranche 17, which compared to only 32 per cent in tranche 14.
The average funding level was 97 per cent in tranche 17, which compared to 92 per cent in tranche 14. This represents a 5per cent increase between funding cycles.
The average recovery plan in tranche 17 was 4.7 years. The same recovery plan in tranche 14 was on average 6.2 years.