Pensions Pieces: the DB funding code consultation
On 2 December 2013, the Pensions Regulator published its consultation on a draft revised Code of Practice No. 3 for defined-benefit (DB) scheme funding, a draft new DB regulatory strategy and a revised DB funding policy. Together these documents set out the regulator’s regulatory approach to DB schemes and to DB funding under Part 3 of the Pensions Act 2004.
The regulator states that a ‘key driver’ for developing its new approach to DB regulation is to take account of the new statutory objective for which the government is currently legislating in the Pensions Bill 2013: ‘in relation to the exercise of its functions under Part 3 only, to minimise any adverse impact on the sustainable growth of an employer’. The regulator notes it intends to fully reflect this new objective in its approach to regulating DB funding and will ensure that the flexibilities in the regime are used appropriately to suit schemes’ and employers’ individual circumstances. The regulator notes that another key driver for developing a new regulatory strategy and code is to reflect the evolution of its approach to funding over the previous eight years, as well as the fact that there have been significant shifts in the DB landscape with increased scheme closure and maturity…
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