Covenant in the context of the New Funding Code
Covenant in the context of the New Funding Code
TPR’s Draft Funding Code has now been published, together with a consultation on the twin-track regulatory approach. There is lots of detail (with more guidance to come in 2023) on TPR’s expectations of trustees regarding assessment of covenant and how to factor covenant into journey planning. The new regime goes live from October 2023 so it is worth thinking about what it all means for your defined benefit pension schemes.
Whether your scheme is likely to be in Fast track or Bespoke, covenant remains the ultimate underpin for scheme risks and the requirement to assess covenant will be enshrined in legislation.
Emily Goodridge and Chris Heritage of Cardano Advisory will be exploring practical covenant considerations in the context of the Funding Code Consultation in this webinar.
-
Fees
free for members and non-members -
2
speakers -
1 hour
of CPD -
Online
BrightTALK
Event Details
THE BASICS
By attending this session you will learn:
- How should you be thinking about covenant at both the journey planning stage and each subsequent valuation in light of the requirements anticipated in the new Funding Code?
- What can you do to prepare now?
- Pension Scheme Managers
- Trustees
- Administrators
- Policy advisers
- Consultants
- Lawyers
- Corporate IFAs
- Investment managers
- Actuaries
- Communication professionals
Speakers
Hear from the experts
Emily has over a decade of experience advising on employer covenant and related matters and has wide ranging experience of covenant issues including corporate transactions, restructuring, scheme mergers, apportionments, asset-backed contributions, long term funding arrangements, integrated risk management and PPF certification.
Emily is a qualified Chartered Accountant (ICAEW) with a background in audit, corporate finance, and restructuring. Emily is Head of Covenant Assessment, leading our covenant assessment and monitoring offering and has been responsible for evolving our methodology and reporting so that we remain market leaders in this field.
Chris is responsible for coordinating Cardano Advisory’s regulatory engagement, having supported TPR directly through the provision of expert covenant advice ahead of potential enforcement action on a number of separate occasions and having spent much of 2021 on secondment to TPR, where he was employed as a Specialist within the Events Engagement team and input into the drafting of the new covenant guidance to support the new Funding Code.
Chris is a qualified Chartered Accountant (ICAS) and has worked within the covenant advisory industry since 2014 and at Cardano Advisory since 2016.
