In March 2022, TPR revised its guidance on production of the chair’s statement. This states that, for chair’s statements for scheme years that fall after 1 October 2021, it is acceptable to attach to the statement any information or documents that are required to be ‘stated’ or ‘included’ as part of it. These should be contained in a clearly labelled appendix and referred to in the statement itself. Before this latest update, the quick guide suggested that, in TPR’s opinion, the default Statement of Investment Principles and the illustrative examples were the only documents that could be attached to the statement. In addition, the quick guide confirms that, for schemes with assets of less than £100m which have been operating for at least 3 years, meaning that they are required to carry out a more detailed value for members assessment for scheme years ending post 31st December 2021, this should show either:
Finally, the technical appendix has also been updated to reflect current requirements (in particular, in relation to ESG disclosures). If you would like more information or need assistance with the requirements, please contact your usual PS Aspire consultant.