The Pensions Regulator’s (TPR) Defined Benefit (DB) Funding Code will be published this summer, with a consultation on the regulator's statement of strategy expected in the next few weeks, TPR interim director of policy, analysis and advice, Louise Davey, has confirmed.

Speaking at the PLSA Investment Conference 2024, Davey said that there will be time for trustees to prepare ahead of the new regime coming into force, stressing that "the code isn't going to land the day before, on 21 September".

"The intention is for there to be enough time for people to see what the new regime looks like," she stated, "there will be time for the code to be absorbed and worked into plans."

The Department for Work and Pensions (DWP) published the final DB Funding Regulations last month, confirming that the new regulations are set to come into force from April 2024.

However, Davey clarified that while the DB Funding Regulations will come into force from 6 April 2024, they won’t actually take affect until the 22 September, and will apply to scheme valuations from 23 September 2024.

In line with these timings, Davey revealed that the DB Funding Code will be published this summer and laid before parliament, to ensure that it can come into effect from September.

“But before then we will be publishing our consultation on the statement of strategy, and that is coming very soon, in the next few weeks," Davey added.

"That will set out the detail around the information we will expect to be provided with as part of the new funding regime, so that will be some more reading material [for the industry] very soon."

"Around the same time as we publish the code, we will also publish the fast track parameters and we will also publish the updated impact assessments as well.

"And then later on in the summer we will consult on the covenant governance that will support that, so there is a whole suite of things coming up over the year, but all intended to be in force ready for that 22 September date when the regulations become effective."

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