Covenant

Overview

Covenant is the trustee board's governance record for a defined-benefit occupational pension scheme — a working file maintained continuously by trustees and their secretariat rather than assembled annually. It captures the funding position from the last triennial actuarial valuation, tracks contributions and recovery plans, holds the investment strategy and mandate register, and records membership, risks, compliance deadlines, trustee details and member communications in one integrated system.

What you get

• Funding position screen showing technical provisions, assets, funding level and shortfall from the valuation, alongside employer covenant grade and guarantee details
• Schedule of Contributions and recovery plan tracking deficit repair contributions year by year with expense allowance and payment status
• Investment strategy register setting strategic asset allocation against actual allocation, hedging ratios and manager mandates with benchmarks and fees
• Membership movements register recording actives, deferreds, pensioners, dependants, joiners, retirements, transfers and deaths with data quality score
• Risk register grading each risk gross and net with owner, mitigation and review date
• Board record covering member and employer trustees, terms of office, meeting attendance, committees and Trustee Knowledge and Understanding training log
• Discretions casework for ill-health early retirements, death-benefit nominations and transfer-value quotations
• Compliance calendar holding Chair's Statement, Scheme Return, Summary Funding Statement, audited accounts, GMP equalisation and dashboard connection against statutory deadlines, plus disputes and complaints log
• Member portal with benefit statement, transfer-value quotation and retirement illustration

The signature screen

The opening screen presents the funding position struck at the last triennial actuarial valuation: technical provisions against assets, a funding level and shortfall derived directly from the valuation, alongside the sponsoring employer's covenant grade, the fixed and floating charge behind it, and the parent-company guarantee capping the Schedule of Contributions. This screen anchors the trustee board's entire governance view.

Who it's for

Trustee boards and their secretariats managing defined-benefit occupational pension schemes.