The Pensions Regulator’s DB code of practice, which helps trustees and sponsoring employers to agree balanced funding plans for their pension schemes, comes into force today.
The code gives practical guidance on how trustees can comply with the legal requirements of pensions regulation and emphasises the importance of trustees and employers working together to reach a mutually satisfactory funding solution. It also fully embeds the regulator’s new statutory objective to minimise any adverse impact on the sustainable growth of an employer.
To mark the code coming into effect, the regulator has updated the DB materials on its website, so trustees, employers and their advisers can quickly find information and guidance on all aspects of scheme funding and governance.
Later in the autumn, the DB team will be conducting a series of roadshows with trustees, employers and advisers to help them embed the principles of balance and collaboration into their funding discussions.
Geoff Cruickshank, interim executive director for DB regulation, said:
“We’re very keen to learn more about how trustees and employer sponsors are using the code – what works, and what may need further clarification, for example through further guidance or learning tools.
“From today, we expect trustees and employers to take the new code into account. Our case teams have undergone a programme of training to ensure the code is applied consistently between cases with similar facts, and we want to continue speaking to the pensions sector throughout the autumn to hear about their experiences.”
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