TPR’s Code Of Practice

If you are a sponsor or trustee of a defined benefit pension scheme, you should now be fully aware of TPR's Code of Practice published in July. This helps trustees and sponsoring employers to agree funding plans that provide security for retirement savings, while enabling employers to invest in sustainable growth.

The code is part of a significant change in the regulator's approach to DB schemes. It recognises that a strong ongoing employer alongside an appropriate funding plan provides the best support for a well-governed scheme.

The code urges trustees and employers to work in a collaborative and transparent way to consider the impact that scheme funding proposals may have on the employer's plans for sustainable business growth.