In April 2009, the Pensions Regulator (TPR) published its Corporate plan 2009-2012, reflecting the pressures that trustees and employers are facing in the present economic climate. It also published a statement to the regulated pensions community, "Alert to risks in the economic downturn".

The corporate plan's five themes are:

Of most immediate interest are TPR's comments on its new approach to longer recovery plans in the context of the second theme.

TPR recognises that it operates in an economic climate far removed from that in which it commenced operations in April 2005 and has reviewed its future plans accordingly. It also recognises that the best support for any pension scheme is a viable employer.

Although 2008 recovery plans showed a general improvement in scheme funding positions and employer contribution levels, TPR notes that recent economic conditions have had a "profound impact" on schemes and it expects to see this reflected in both funding levels and recovery plan lengths.

While TPR signals that it will still scrutinise any scheme recovery plan of longer than ten years, it does expect to see them reflecting economic circumstances. This is perhaps a sign that TPR may in future be more willing to agree to extended recovery periods than previously, with the proviso that it must appear that the sponsoring employer is likely to survive the current recession.

This statement, issued to the regulated pensions community, highlights the potential risks in running pension schemes, particularly in the economic downturn, and encourages trustees and other individuals to contact TPR if they have any concerns.

Trustees and advisers are reminded of the importance of whistle-blowers and are reassured that, where necessary, TPR will take sanctions against "unacceptable behaviour".

TPR will continue to monitor the economic situation and will focus on key risks to ensure that pension promises are upheld. Thus, TPR hopes to ensure uniform adherence to the high standards shown by the vast majority to secure a level playing field and the long-term protection of UK pensions.