On 21 April 2023, the Pensions Regulator (TPR) published its corporate plan for 2023-24. In this, TPR has confirmed that its revised defined benefit scheme funding code, due to be launched in October 2023, is now delayed until April 2024. Industry experts had expressed the belief that the original launch date was “ambitious”.
TPR’s 2023-24 corporate plan states that the new funding code will:
- include a new requirement for trustees to set a long-term funding objective in order to ensure trustees are accountable for promises made to savers;
- provide flexibility around funding to suit the individual circumstances of trustees; and
- make it clear that schemes must reduce their reliance on their sponsoring employer as they become increasingly mature and seek to manage risk effectively.
Read more about what the new code means for trustees and sponsoring employers in our previous article.
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