The Trustee is developing its views, with advice from the Scheme Actuary, and expects to issue a joint consultation document with the Scheme Actuary at the end of September. 

This will seek views of stakeholders about the approach and assumptions to be adopted for their valuations.

Seminars will follow, giving stakeholders the opportunity to hear more about the valuations and put questions directly to the Trustee and Scheme Actuary.

The Trustee expects The Pensions Regulator to consult the pensions industry about a new Code for Funding Defined Benefits, and will reflect on this during the valuation process.

The valuations are still some way off, but it will be helpful if stakeholders can give some early thought to the matter. That will help progress their valuations in good time ahead of the statutory deadline for completion of 31 March 2021.