Pensions industry breaks down TPR's DB scheme funding code

Code sets objectives expectations for final salary schemes

Holly Roach
clock • 6 min read

The workplace penmsions industry is largely supportive of The Pensions Regulator’s (TPR) long-awaited defined benefit (DB) funding code consultation, but concerns have been raised over the need for “such detailed regulation”.

The consultation - launched on Friday (16 December) and set to run for 14 weeks - sets out expectations of final salary schemes to set a long-term objective and a journey plan to get there. The Association of Consulting Actuaries (ACA) welcomed the consultation on the new funding code, with chair Steven Taylor praising the scale and ambition of the proposals as "admirable". However, he argued: "A key test for the new code will be how it enables the continued smooth transition of DB schemes to their endgames without disrupting well-planned scheme-specific approaches or introducing new ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Despite being ‘potentially lucrative’

Isabel Baxter
clock 30 September 2024 • 4 min read
Failed Hartley Pensions clients face months-long SIPP transfer document delays

Failed Hartley Pensions clients face months-long SIPP transfer document delays

Frustrated client notes that communications were promised from April to June

Isabel Baxter
clock 29 August 2024 • 3 min read
British Steel pensions transfer advice debacle in numbers

British Steel pensions transfer advice debacle in numbers

‘The FCA continues to pursue those who gave poor advice’

Isabel Baxter
clock 29 July 2024 • 3 min read