Valuations. The Regulator will allow schemes completing triennial valuations to delay finalisation of the valuation process beyond the 15-month statutory deadline for completing the valuation and associated documents such as the recovery plan. The Regulator does not intend to use its powers to fine trustees for late submission of these documents for the next three months.

Suspending DRCs. The Regulator will take no action regarding failure to pay deficit-repair contributions (DRCs) for the next three months. Noting that many employers are likely to request the suspension or reduction of DRCs, the Regulator says it expects trustees to consider such requests with the benefit of full information regarding affordability and the employer's covenant prospects. In the absence of clear "covenant visibility" in the short to medium term, the Regulator expects trustees to offer only short-term concessions of up to three months until more reliable covenant visibility is available. Moreover, trustees should have regard to steps taken by other creditors when agreeing any concessions.

Transfer values. The Regulator will take no action in the next three months regarding breach of the statutory disclosure requirements if trustees decide to suspend cash equivalent transfer values (CETVs). According to the Regulator, the Pensions Ombudsman will take its guidance, and the impact of COVID-19 generally, into account when determining whether trustees acted reasonably in their treatment of CETV requests.