Shepherd and Wedderburn

UK 200 2013 position: 71

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…

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