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Pensions weekly: Pension Schemes Act 2021 DB funding regime commencement, TPR LDI resilience update, enforcement bulletin, and key dates and trackers—4 April 2024

Published on: 04 April 2024

Published by a LexisNexis Pensions expert
Legal News
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Article summary

In this issue:

  • Funding
  • The Pensions Regulator
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers
  • Funding

Funding

Funding provisions of the Pension Schemes Act 2021 to come into force on 6 April 2024

The Pension Schemes Act 2021 (Commencement No. 8 and Transitional Provisions) Regulations 2024, SI 2024/451, were made on 2 April 2024. They designate 6 April 2024 as the commencement date for section 123 and Schedule 10 of the Pension Schemes Act 2021, relating to funding for defined benefit (DB) schemes, to the extent not already commenced.

These measures permit changes to the statutory funding framework for DB schemes. The detailed provisions are set out in the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024, SI 2024/462, which were made on 2 April 2024 and take effect on 6 April 2024.

  • Trustees are required to establish and maintain a funding and investment strategy designed to ensure scheme benefits are payable over the long term. This is delivered by inserting new sections 221A–221B into the Pensions Act 2004 (PA 2004)...

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