Trustees and employers currently negotiating a valuation will be having difficult discussions about the immediate impact of COVID-19 and the longer-term position of their schemes. TPR is encouraging trustees and employers to work together to manage these risks.

In our view, the big economic fear must surely be the other two horsemen of the financial apocalypse… unemployment and inflation. Why have we heard so little about the latter? If you look beyond the broadsheets, some worries about inflation can be detected.

Please be assured that we are keeping calm, following the guidelines, and fully expect business to continue as usual, despite planning for the worst.

The Pensions Regulator is proposing changes to the framework for pension scheme funding, including requiring trustees to set a long term objective and a journey plan intended to achieve this. Trustees will be able to select from a "fast track" or bespoke approach.