The Pensions Regulator has today confirmed via a blog (DB Code: Taking the time to deliver the right funding measures | The Pensions Regulator Blog) a major slippage in the timetable for the introduction of a new funding code for Defined Benefit pension schemes. DWP’s regulations are now not expected for consultation until late spring, and the second TPR code consultation will not now appear until ‘late Spring’. TPR will need to allow time for responses, then process all of the responses before publishing a final version of the new approach to funding.
Commenting, Jon Camfield, partner at LCP said:
“This is another big delay in the timetable, and demonstrates just how hard it is to come up with a workable framework, particularly in an uncertain post pandemic world. This means that the new regime won't impact on actual contributions payable to pension schemes until at least 2024 and perhaps later. We suspect that their decision was made easier by the continued healthy position of pension schemes in today's market conditions, but it continues to leave a lot of uncertainty for employers and trustees trying to plan for the long term future of their scheme."