Jurisdiction(s):
United Kingdom

TPR’s DB Funding Code of Practice: New Funding and Investment Strategy, low-dependency standards, significant maturity and employer affordability for UK schemes and advisers

Published on: 24 September 2024

Published by a LexisNexis Pensions expert

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Article summary

Introduction

TPR’s draft Code offers practical direction to trustees on fulfilling all DB scheme funding obligations. It aims to assist trustees, sponsoring employers and their advisers in managing and planning DB funding over the long term while supporting compliance with the law. The draft Code will introduce clearer DB funding benchmarks, enhance TPR’s oversight of the market, and provide greater support in safeguarding member benefits. At the same time, it retains flexibility to accommodate scheme‑specific funding approaches.

What was the background to TPR’s second consultation on the draft DB funding code and its regulatory approach?

The draft Code has been completed to reflect consultation feedback, the relevant Regulations, and TPR’s extensive engagement with the industry. TPR first consulted in March 2020, then launched a three‑month consultation on the draft Code in December 2022 alongside a consultation on its regulatory approach. In March 2024, TPR also consulted on its approach within its statement of strategy, seeking views from trustees and advisers on the type and the extent of the information that...

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