Notable to see that the key themes from the Regulator's Annual Funding Statement include not only the need to focus on the current challenges due to COVID-19 but also to maintain an eye on long term funding ...and not to forget Brexit. 

Key aspects of the guidance include:

- schemes close to competing valuations are not required to take into account post valuation experience in their valuation assumptions

- TPR expects trustees to consider these developments when setting recovery plans

- Post valuation experience must be applied consistently, both the positives and negatives

-As regards bringing forward valuation dates to a date when conditions might be considered more usual - "Trustees should consider very carefully why they believe such an option is in the interest of their members"

- For March and April 2020 valuation assumptions it is "reasonable to delay taking decisions about TP assumptions until more clarity emerges"

- the current circumstances accentuate the importance of trustees working collaboratively with their employer

- Where there are DRC deferrals trustees "should ..agree contingent contributions to comment on the reintroduction of shareholder distributions and/or agree formal blocks … this should be a properly documented legally enforceable condition of the DRC reduction"

- Trustees should look ahead and set clear plans for reaching their long term funding target

- Assessing covenant, and  vigilance re covenant leakage is key and trustees should consider security over assets and "upside sharing" agreements.