A key priority for The Pensions Regulator (TPR) remains the delivery of our new Defined Benefit (DB) Funding Code.

Essential to this is making sure there is sufficient time to develop the regulations and code, and for industry to prepare for the new requirements coming into effect.

We expect the regulations and revised code of practice to come into force at the same time in April 2024 and we would welcome this.

Our second consultation on the draft code and approach to fast track was generally well received by industry and closed in March.

We’re now carefully considering responses to identify where we can be clearer, and where we can develop our thinking further, especially with our proposals on risk taking and maturity, low dependency and how open schemes can account for future benefit accrual.

We will finalise the code over the coming months to reflect these responses and the final regulations from the Department for Work and Pensions (DWP). We will continue to engage closely with stakeholders throughout this process.

We plan to consult on the information we want to collect as part of the new Statement of Strategy.

Our focus is on getting the balance right between the Statement of Strategy being a useful tool for schemes and getting the information we need to regulate effectively, while not unnecessarily increasing trustee burden and cost.

Later this year, we plan to consult on our updated guidance on assessing and monitoring the employer covenant. The existing code and guidance remain in place until the new legislative requirements and the new code come into effect.

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