An assessment of the employer covenant measures the ability of the sponsor to meet its obligations to a scheme, both now and in the future.
Covenant assessment is a relative concept and therefore the strengths of the covenant must be considered in relation to the funding requirements and risk exposure of a scheme.
A robust understanding of the covenant supporting a scheme allows for more informed journey planning and funding decisions, and is a fundamental strand of an integrated risk management approach.
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Last update: 1 August 2022
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