When and how to create a recovery plan
Use Exchange to submit your recovery plan.
You do not need to submit a recovery plan for a scheme which shows a surplus as at the effective valuation date. If the scheme is in surplus, you will need to update the valuation details under the 'Scheme maintenance' function on Exchange.
For a scheme in deficit, providing the valuation data in the scheme return does not constitute the formal submission of the scheme's valuation. You will still need to upload signed copies of the recovery plan and schedule of contributions and complete the valuation summary form.
For more details about agreeing recovery plans, go to recovery plans.
Information you need to submit
When you submit a recovery plan using Exchange you need to select either the 'new' or 'amend' option. You should only select 'amend' if you want to amend an existing recovery plan that you have previously sent us through Exchange. All 'amend' submissions must have the same valuation date as the recovery plan that the submission is amending.
You will also be asked to:
- confirm the identity of the scheme's actuary and provide their contact details
- select a trustee to be the contact point for the recovery plan and ensure that they have registered their current email address and telephone number on Exchange
- fill out a breakdown of annual recovery plan contributions up to a maximum of 20 years
- confirm whether independent advice has been obtained on the employer covenant for the valuation and recovery plan being submitted – this is a ‘yes / no’ question and you don't need to provide a copy of covenant advice when making your online submission (though we may request a copy later)
- attach the scheme’s statement of funding principles as a PDF
- attach the scheme’s statement of investment principles as a PDF – if you’re exempt from producing a statement of investment principles you don’t need to submit this document
What happens next
When you submit the valuation summary form and the supporting documentation (including the recovery plan), we will send you an email confirming its receipt into our systems.
Providing us with the additional contact details will also allow us, in most cases, to communicate the outcome of our review of the recovery plan by email to the relevant trustee and the scheme actuary. We send all emails securely and details of the outcome of the review are in an attached document. You will need a password to access the document which we send in a separate email.