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ARTICLE · 23 JULY 2014

New Code Of Practice On Funding Defined Benefits

Wedlake Bell LLP
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In our February 2014 e-bulletin we reported on the Pension Regulator's efforts to introduce a new regulatory approach to funding defined benefit schemes.

United KingdomEmployment and HR
Justin McGilloway
Justin McGilloway

Background

In our February 2014 e-bulletin we reported on the Pension Regulator's ("TPR") efforts to introduce a new code of practice and regulatory approach to funding defined benefit (DB) schemes. The current code of practice dates back to February 2006. TPR published a draft (for consultation) code of practice no.3 on funding defined benefits schemes in December 2013. The 10 week consultation period ended in early February 2014, and just over four months later, on 10 June 2014 TPR published the revised code (the "DB Code").

We understand that the DB Code will (hopefully!) take effect from 22 July 2014 and it will reflect: (i) the evolution of DB scheme funding over the last eight years; and (ii) TPR's new statutory objective "to minimise any impact on the sustainable growth of an employer"1

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