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In the first year, TPR intends to assess the strategy for around 50 schemes, with the possibility of the new strategy being rolled out more widely in future years. For schemes not selected in the current valuation cycle, TPR will carry out comprehensive risk assessments and engage where appropriate once the trustees have submitted their valuation. Although not a requirement, those trustees are encouraged to complete the questionnaire on a voluntary basis, and submit it via TPR Exchange.
We feel that TPR has decided that their existing analysis does not collect the detail of the Trustees’ discussion process, which is clearly key information. While this new approach only applies to the schemes selected each year, there is no doubt that if successful, it may become the norm. In the meantime, it would be opportune to ensure that areas raised in the questionnaire (e.g. employer covenant, statement of investment principles and an integrated risk management framework) are reviewed and brought up to date.