Jurisdiction(s):
United Kingdom

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Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

DB funding and scheme rule interaction: employer consent, third‑party powers and case law, with 2024 funding and investment strategy and Code updates

Published by a LexisNexis Pensions expert

Practice notes

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 April 2024, the Pension Schemes Act 2021 amends the statutory funding objective so that the calculation of the scheme’s technical provisions is consistent with the scheme’s funding and investment strategy accordingly...

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Web page updated on 21/05/2026

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