The Pensions Regulator (TPR) has confirmed plans to postpone its ongoing regulatory initiatives, including its Corporate Plan and long-term strategy.

As part of updated guidance for pension scheme trustees, administrators and employers, produced in response to the COVID-19 pandemic, the regulator has confirmed that it will be suspending all regulatory initiatives.

It stated: “We are temporarily suspending all our regulatory initiatives. If you have been selected to take part, we will be in direct contact with you regarding our expectations and next steps.

“We are postponing the publication of our Corporate Plan, our long-term strategy, and our consultation on bringing together our codes of practice to form one single code."

The regulator had only recently confirmed plans for a consultation to bring all codes of practice into "one modular code" at the Pensions Age DB Forum, held in association with Mercer.

TPR added: "Our DB funding consultation is open, and we will review timings in the coming weeks.”

XPS head of pensions solutions, Wayne Segers, noted that the expected extension to the consultation period for the new funding rules in addition to the suspension of ongoing initiatives was "notable".

He added: “While an extension is understandable the good practice outlined in the code is very helpful for making decisions in such challenging times. I would encourage employers and trustees to reflect this in decision making.”

Launched earlier this month, the already delayed DB funding code consultation seeks views on proposed changes to the code, designed to better manage risks on long-term scheme funding and investment strategy planning.

TPR initially predicted a second consultation in relation to the code at the end of 2020, estimating that the updated code would then come into force at the end of 2021.

The proposed changes, and the corresponding consultation, have received both industry criticism and support, with some experts stating that it could see DB pensions become "a thing of the past".

TPR has now also confirmed that all events have been cancelled or moved, as appropriate.

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