First Briefing, May 2025: Annual Funding Statement 2025

The Pensions Regulator (TPR) has published its Annual Funding Statement 2025. It contains some broad considerations for schemes with a valuation effective date between 22 September 2024 and 21 September 2025. It also contains information for schemes carrying out their first valuation under the new regime and clarification around TPR’s covenant guidance.

First Actuarial case studies

BSRIA

First Actuarial delivered a cost-effective new governance framework to meet the requirements of the general code of practice for the trustees of the BSRIA Pension Scheme.

Usdaw

Trade union Usdaw selected First Actuarial to transform its scheme administration, resulting in improved quality and time-cost savings.

Southern Co-op

First Actuarial's fiduciary management consultants guided the trustees of Southern Co-op through their provider review, delivering fee savings.