Statutory funding objective meaning

The Work and Pensions Committee (WPC) The WPC has concluded that The Pensions Regulator’s (TPR) primary objective of protecting the Pensions Protection Fund (PPF) is now redundant, as the lifeboat fund holds a £12bn funding surplus. It says TPR should pivot to safeguarding both past and future benefits for members, helping ensure open schemes are not compelled to shut to new accruals. This was a central recommendation in a report on DB pensions, arising from a comprehensive inquiry launched in March 2023. Stephen Timms, who chairs the committee, said the PPF’s markedly stronger financial position offers welcome flexibility for government to prevent open schemes being constrained by excessively cautious regulatory limits, a development the committee applauds. TPR’s statutory objectives include reducing the likelihood that the PPF must pay compensation to members of a retirement scheme...

Practice Note for UK defined benefit (DB) occupational pension schemes This Practice Note is archived and is not maintained. It reviews the Pensions Regulator’s approach to funding defined benefit pension schemes for valuations with an effective date before 22 September 2024, in line with the Code of Practice on funding defined benefits dated 29 July 2014, alongside the relevant annual funding statements. It also summarises the Pensions Regulator’s approach prior to July 2014. For information on the Pensions Regulator’s approach for scheme valuations with an effective date on or after 22 September 2024, see Practice Notes: DB pensions funding reforms 2024 and The scheme-specific funding regime. When considering scheme funding issues, trustees and employers should take into account the Pensions Regulator’s approach to funding defined benefits (DB benefits). How would the Pension Regulator communicate its approach to DB scheme funding? The Pensions Regulator’s position in relation to DB scheme funding was mainly conveyed through the following documents: a code of practice on funding defined...

This Practice Note outlines the remit, powers and duties of the for Health and Social Care (PSA). The PSA was established to draw together the bodies regulating healthcare professions and to secure a cohesive, co-ordinated approach to standard-setting, performance oversight, and to inspection and validation... Regulatory reform of healthcare regulators On 17 February 2023, the Department for Health and Social Care (DHSC) set out proposals to modernise the legislative framework for nine health and care professional regulators via a series of statutory instruments, giving each regulator fresh powers to shape their own regulatory processes to enhance patient safety and streamline the healthcare system. These include: General Chiropractic Council (GCC) General Dental Council (GDC) General Medical Council (GMC) General Optical Council (GOC) General Osteopathic Council (GOsC) General Pharmaceutical Council (GPhC) Health and Care Professions Council (HCPC) Nursing and Midwifery Council (NMC) Pharmaceutical Society of Northern Ireland (PSNI) The reforms are enabled by the Health and...

Before accepting appointment as administrator, an insolvency practitioner (IP) will typically have carried out business reviews, prepared contingency plans, and advised the company and its directors on the choices available when facing financial difficulties. For more detail on the pre‑administration stage, see Practice Note: Restructuring-initial steps. If administration is identified as a workable route, the IP will determine the administration’s purpose and the strategy required to deliver it, as well as the anticipated exit route. The statutory purposes of administration as set out in paragraph 3(1) of Schedule B1 to the Insolvency Act 1986 (IA 1986), ranked by priority, are: rescuing the company as a going concern delivering a better result for creditors as a whole than would be expected on a winding up, or realisation of the company’s assets to enable a distribution to one or more secured or preferential creditors In some situations, a pre‑pack sale may fulfil the chosen objective; in others, it can be preferable to continue...