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UK pensions weekly: final DB funding code laid; TPR ESG review; superfunds capital release guidance; Court of Appeal confirms s37 actuarial confirmation for past and future benefits; TPO plan

Published on: 01 August 2024

Published by a LexisNexis Pensions expert
Legal News
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In this issue:

  • Funding and investment
  • Types of private pension schemes
  • Scheme amendments
  • The Pensions Ombudsman
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Funding and investment

Final draft DB funding code of practice laid before Parliament on 18 July 2024

After a lengthy wait and anticipation, on 26 July 2024 the Pensions Regulator (TPR) finally released the final draft of the eagerly awaited defined benefit (DB) funding code of practice (the DB funding code), which will apply to scheme valuations with effective dates on or after 22 September 2024, supplanting the code. The final draft DB funding code was placed before Parliament on 18 July 2024 and is intended to mirror the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024, SI 2024/462 (the Funding and Investment Strategy Regulations 2024), which took effect on 6 April 2024 and, as with the DB funding code, applies to valuations with effective dates on or after 22 September 2024. The DB funding code has been concluded after assessing consultation feedback and wide engagement with the industry, to offer greater flexibility for scheme specific risk-taking approaches and for open schemes...

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