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United Kingdom
United Kingdom
Key definition
Pensions Regulator definition What does Pensions Regulator mean? The Pensions Regulator (TPR) is the UK regulator for work-based pension schemes in legal practice: it oversees occupational (trust-based) schemes and employer duties for work-based personal pensions, including automatic enrolment. Created by the Pensions Act 2004 (replacing OPRA in April 2005), its statutory objectives are to protect members’ benefits, reduce the risk of claims on the pension protection fund, promote and improve understanding of good administration, maximise compliance with employer automatic enrolment duties, and, for defined benefit funding, to minimise any adverse impact on the sustainable growth of an employer. TPR issues codes of practice and guidance and can require...
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DB pension schemes in corporate transactions: trustee powers, covenant and TPR issues, section 75 debts, criminal offences, mitigation, notifiable events and clearance
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Practice notes
Although trustees of defined benefit (DB) schemes are typically not signatories to sale and purchase agreements in corporate deals, they still have a crucial part to play. To properly grasp the implications of any transaction, they must also possess a solid grasp of scheme funding, so they can see the full picture. Their responsibilities include safeguarding members’ accrued promises and, as encouraged by the pensions regulator, taking a proactive stance on addressing funding shortfalls—this involves evaluating the employer’s financial robustness (the employer covenant) and, where suitable, seeking improved funding terms from the sponsoring employer. In line with this, the Pensions Regulator requires trustees to maintain up-to-date insight into covenant strength by undertaking routine employer covenant reviews. This regular assessment keeps trustees’ understanding current during corporate activity and supports informed, timely engagement with the sponsoring employer when appropriate. While trustees owe fiduciary duties to act in the beneficiaries’ best interests, that obligation is tempered by a parallel duty to have regard to the employer’s position (recognising that the employer may, in effect, be a contingent beneficiary of the scheme)—for more detail on this obligation, see Practice Note: The duty of pension scheme trustees to act in the best interests of beneficiaries—Who...
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Web page updated on 28/05/2026
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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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