Update on new defined benefit funding code of practice

The Pensions Regulator has confirmed that it intends to publish a second consultation on the new defined benefit funding code of practice in Autumn 2022 (following on from its first consultation and responses), incorporating feedback from the Department for Work & Pensions’ (DWP) consultation on draft funding and investment regulations in Spring 2022. We understand the intention is for the Code to potentially become operational from September 2023 onwards but this is ultimately dependant on the timing of the DWP consultation.  Further, we are told that the Code will be forward-looking, meaning that only pension schemes with valuation effective dates on or after the Code’s commencement date will be affected.