The Pensions Regulator (TPR) has clarified how it will use its powers with respect to corporate events, such as mergers and acquisitions, in draft guidance [PDF] published for consultation yesterday. This revision of the existing April 2005 guidance sets out TPR's expectations of how professional advisers should work with trustees and employers in considering corporate transactions and restructurings that may have a detrimental effect upon a pension scheme. While technically the new guidance is presently only a draft, parties currently involved in such events would be wis e to pay attention to it.

The consultation closes on 2 November 2007.

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Other recent developments at TPR

Sea Containers

In June 2007 TPR's Determinations panel decided that Financial Support Directions should be issued against Sea Containers Ltd (see Aries report on the case). On 24 July, Sea Containers appealed to the independent Pensions Regulator Tribunal, required to be established under PA 2004 s.102. It is believed no date for the hearing has been set yet.

2006/07 Annual Report and Accounts

This was published on the same day as Sea Containers' appeal, although the company is not mentioned. The overall tone is thoroughly upbeat, characterised by the chief executive Tony Hobman, who in the accompanying press release said: "By the end of this, our second full year of operation, I believe that we have succeeded in positioning ourselves as a credible, professional, pragmatic and approachable risk-based regulator.”

Mortality

TPR has welcomed a statement from the actuarial profession on 11 July 2007 publishing a library of mortality projections and reinforcing the need for actuaries to focus on the most up-to-date assumptions in relation to future mortality.