New code of practice for funding defined benefit schemes
By Louisa Knox
The Pensions Regulator has published its revised draft code of practice for funding defined benefits. The revised code is expected to take effect on 22 July 2014.
In this article, we look at the principles set under the new code, in which the regulator has taken account of its new statutory objective to minimise any adverse impact on the sustainable growth of an employer. The aim is to achieve more flexibility in the funding regime and to allow for investment and growth.
Focusing on an integrated risk management approach is the cornerstone of the new code. The code is intended to be principles based rather than prescriptive — whether that will be borne out in practice will be seen over time…
Click on the link below to read the rest of the Shepherd and Wedderburn briefing.
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Briefings from Shepherd and Wedderburn
The EBA recently published an update on the use and classification of role-based allowances.
The Pensions Ombudsman has recently published two decisions which highlight some potential issues arising when scheme administrators fail to inform members that they benefit from a guaranteed annuity rate (GAR).
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