TPR statement of strategy consultation: PLSA response

This is the PLSA’s response to tPR’s consultation on a key element of the new DB funding code, the Statement of Strategy (SoS). From September 2024, schemes will have to submit an SoS which comprises two parts, a funding and investment strategy, and supplementary information covering the implementation of that strategy, and associated risks.

The Regulator is proposing schemes’ SoS follows a prescribed template, and provides example templates, both for bespoke and fast-track valuation approaches.

We support the use of templates, which should make the compliance process more straightforward, but would like the Regulator to take a more proportionate approach to some of the disclosures, which as they stand, will generate considerable extra cost for schemes, with little demonstrable benefit.