The Trustee of the Baptist Pension Scheme may need to obtain basic financial information for the current and previous employers in the now closed Defined Benefit Plan. If requested this information is used to assess how likely it is that the participating employers in the DB Plan are able to support the Plan and enable members to get the pension at retirement that they have been promised. This is known as assessing the “employer covenant” and we are legally required to collect this information by the Pension Regulator.
If the Trustee is able to demonstrate that the Scheme has a strong employer covenant, it can have a positive effect on the funding and affordability of the DB Plan which will help all employers in the long run.
Therefore if your church is, or has ever been in the Scheme, you may be asked each year to complete an online financial questionnaire and to submit a copy of your latest church or organisation accounts to the Trustee.
Thank you for your help with this.