Covenant action list for
trustees – check your covenant support stands up in the new regime


In December 2022, The Pensions Regulator (TPR) published its draft Code of Practice on DB funding. This is the biggest shake up in DB pension scheme strategy for almost 20 years and there is a lot for trustees and also employers to consider. 

Here we have focused on the covenant-related aspects of the new regime because it’s clear that for many trustees a much greater focus on covenant strength will be required, including taking a more in-depth view of an employer’s future prospects.

Other resources which would be of interest to trustees are:

  • News Alert which includes an overview of the Code consultation
  • Our 11 January 2023 webinar walks through the detail and what it may mean in practice
  • Our 26 January 2023 webinar focuses on the new covenant requirements.
  • An action checklist to help you navigate the new regime as a whole.

Read the action list

How we can help

We provide individual and high quality actuarial advice, taking a collaborative approach between trustees, employer and advisers, to ensure a focus on good member outcomes.

We help trustees understand and monitor the employer covenant.

We help trustees achieve their strategic goals, with solution-led, appropriate advice.

We help make governance simple and effective so that you can make decisions and act on opportunities quickly.

We help sponsors of pension schemes understand and manage the costs and risks associated with supporting their current and legacy pension schemes as well as other employee benefits.