A requirement to tell the Pensions Regulator (tPR) about certain events (“notifiable events”) has long been part of tPR’s armoury in its ongoing campaign to strengthen funding of defined benefit (DB) pension schemes.

Going forward, corporates will need to alert tPR at a much earlier stage in some proposed transactions. The notification requirement will be extended to include sale of a sponsoring employer’s business and granting security over the employer’s assets (or the assets of its subsidiaries). The new requirements will apply not just to the employer itself, but also to those who are associated or connected with it.