The Pensions Regulator has published its annual funding statement for the trustees and employers of defined benefit schemes, in particular those due to produce valuations with effective dates falling in the year to 21 September 2017. The Regulator is notably clear about its yardsticks for this round of valuations, establishing a basis for action against those who do not meet its expectations.

This year’s statement is notable as much for its tone as for its content. In response to the criticism that it has garnered for its involvement in the BHS affair, the Regulator seems determined to bare its teeth. And in the shadow of a DWP Green Paper that considered the need for changes to the legal framework, it appears intent upon applying the current legislation with a firmer hand so as to obviate the need for reform.