DB funding code and regulatory approach

Closed 24 Mar 2023

Opened 16 Dec 2022

Contact

DB funding code team

db.consultation@tpr.gov.uk

Overview

In this 14-week consultation, we are seeking views on a draft defined benefit (DB) funding code of practice, which provides practical guidance on how trustees can comply with scheme funding requirements. We are also consulting on Fast Track and our regulatory approach to assessing valuations.

We have developed our approach to reflect the direction of legislation (as consulted on by the Department for Work and Pensions from July to October 2022), responses to our first consultation and our additional analysis.

The consultation package includes:

  • draft DB Funding Code of Practice – setting out our expectations of how trustees can comply with scheme requirements
  • DB Funding Code consultation document – explaining our approach, including relevant considerations and obligations
  • Fast Track and our regulatory approach consultation document – explaining our twin track regulatory approach to assessing valuations and the proposed design of Fast Track
  • response to our first consultation

How to respond to the consultation

We encourage you to respond to the consultation using this online survey. Alternatively, you can email or post your response.

You can find a full list of the questions in the DB funding code consultation document and Fast Track consultation document.

We do not expect you to respond to all questions. You can also save your progress as you go if you would like to return later to complete the survey. 

Pages 2 to 12 of this survey cover the code consultation questions. Pages 13 to 21 cover the Fast Track consultation questions. Page 22 covers supporting documents.

You can read the full DB code consultation package on The Pensions Regulator website.

Events

  • DB funding code and Fast Track webinar

    From 23 Feb 2023 at 14:30 to 23 Feb 2023 at 15:30

    Join us for a free webinar with David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, and key members of the DB funding code team.

    Find out more: http://thepensionsregulator.gov.uk/dbfc-webinar

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Audiences

  • Actuaries
  • Employers with defined benefit scheme duties
  • Investment professionals
  • Legal professionals
  • Trustees of defined benefit schemes
  • Covenant advisers
  • Scheme members/savers

Interests

  • Defined benefit scheme funding