Minimum Funding Requirement meaning

According to the APPT, at the very least there should be a statutory funding assessment and ultimate decision-making authority for managers of retirement savings schemes, as a minimum requirement. The association set out its view in response to a consultation on the Pension Schemes Bill, a landmark law for the industry, formally during the consultation process. On 1 September 2025 the Bill was sent to the parliamentary Public Bill Committee (PBC), which examines the small print of particular legislation. A fiercely debated element proposes that employers with comfortably funded defined benefit pensions could more readily ‘extract’ surplus assets that have accumulated beyond the amounts required to meet members’ benefits. The government believes such steps could help to stimulate economic growth...

In this issue: Budget 2025 Pensions Education Social housing Children's social care Public procurement Governance Local government finance Planning Social care Healthcare Licensing Daily and weekly news alerts New and updated content Budget 2025 Budget 2025—key Local Government announcements On 26 November 2025, during Budget 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, set out measures of interest to local government professionals, spanning local government finance, governance, healthcare, adult social care, children’s social care, education, licensing, planning, public procurement and pensions. See: LNB News 26/11/2025 64. Pensions Supreme Court allows Secretary of State’s appeal in Article 14 challenge to BSP contribution condition—R (Jwanczuk) v Secretary of State for Work and Pensions The Supreme Court unanimously upheld the Secretary of State’s appeal in R (Jwanczuk) v Secretary of State for Work and Pensions, holding the respondent had no entitlement to bereavement support payment...

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This review outlines the principal updates to the Immigration Rules (the Rules) contained in HC 877 that will most concern business immigration advisers. HC 877 was laid on 11 March 2016, accompanied by an Explanatory Memorandum (EM). This notice excludes amendments to Tier 2 of the Points-Based System (PBS) recommended by the Migration Advisory Committee (MAC) in its January 2016 report, as the Home Office has not yet issued a formal response to the MAC review. Revisions to the Immigration Rules for Tier 2 are expected in the summer or autumn. Be aware that two sets of corrections were placed on the opening pages of HC 877 in March 2016, before the Statement took effect. You can jump to individual subjects swiftly via the Contents bar. Implementation Unless specified otherwise, the amendments apply to applications submitted on or after 6 April 2016. Applications filed before this date will be determined under the Rules in force as at 5 April 2016. Definitions Apart from definition changes that...

THIS BEGINNERS’ GUIDE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES This Beginner’s Guide explores the legal framework in relation to the funding of registered defined benefit occupational pension schemes (DB schemes), including: the statutory scheme-specific funding regime and how it operates the funding and investment strategy actuarial valuations scheme funding negotiations the Pensions Regulator’s approach to scheme funding, and methods of managing scheme funding deficits The statutory scheme-specific funding regime The Pensions Act 2004 (PeA 2004) brought in the current ‘scheme-specific’ funding regime for DB schemes. It took effect on 30 December 2005, superseding the earlier Minimum Funding Requirement (MFR) and transposing into UK law the scheme funding provisions of the IORP Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, which was later repealed and recast as the Archived Directive (EU) 2016/2341 (Archived IORP II). Note that neither the 2003 IORP Directive, nor Archived IORP II form part of UK domestic law,...

The Pensions Act 2004 funding regime The Pensions Act 2004 (PeA 2004), alongside the Occupational Pension Schemes (Scheme Funding) Regulations 2005, SI 2005/3377 (the Scheme Funding Regulations), established and introduced a new scheme‑specific funding framework applicable to defined benefit (DB) occupational pension schemes. This framework replaced the discredited Minimum Funding Requirement (MFR) and came into force on 30 December 2005. From that date it applies to all actuarial valuations as follows: with an effective date on or after 22 September 2005, and received by the trustees on or after 30 December 2005 A core feature of the scheme‑specific funding regime relates to the statutory funding objective, which applies to all relevant DB schemes unless specifically excluded by the Scheme Funding Regulations. In brief, the statutory funding objective requires all applicable DB schemes to hold ‘sufficient and appropriate assets to cover its technical provisions’, ie the amount required, as determined by an actuarial calculation, to fund the scheme’s liabilities. With effect from 6...