Defined Benefit Scheme Funding - The New Regime Takes Final Shape

What has happened on defined benefit scheme funding?

On 29 July 2024, The Pensions Regulator (TPR) laid the 'Defined benefit funding code of practice' (the DB funding code) before Parliament. TPR is likely to issue the final form of the DB funding code in the first week of November 2024.

This will complete the legislative and regulatory package that sets out the new defined benefit scheme funding regime (the DB funding regime), comprising the:

Pension Schemes Act 2021 (amending the relevant sections of the Pensions Act 2004 and the Occupational Pension Schemes (Scheme Funding) Regulations 2005) (the Scheme Funding Regulations);

• Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 (the FIS Regulations);