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ARTICLE · 24 JANUARY 2022

DB Funding – Update On Revised Code Of Practice

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The Pensions Regulator has announced that it will not now consult on a revised defined benefit funding code of practice until late summer 2022.

United KingdomEmployment and HR
Katherine Carter
Katherine Carter
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The Pensions Regulator (the "Regulator") has announced that it will not now consult on a revised defined benefit ("DB") funding code of practice until late summer 2022.

Background

The Regulator's current code of practice on DB scheme funding came into force in 2014. In 2020, the Regulator carried out the first of two consultations on a proposed revised code of practice. This first consultation covered:

  • The Regulator's proposed new regulatory approach to DB funding.
  • The principles the Regulator thought should underpin the new DB funding framework.
  • How those principles could be applied in practice to provide clearer guidelines.

The Regulator was due to carry out its second consultation, on a draft of the revised code, in 2021.

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