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The Government has launched a consultation on draft DB funding regulations. These contain further detail about how changes to the funding regime enacted in the Pension Schemes Act 2021 will operate once they come into force. The draft regulations are an important step in implementing the new regime, although employers and trustees will need to wait for the Regulator's second consultation on the draft Code of Practice, expected to take place this Autumn, to get the complete picture of how the new regime will operate in practice.
Many trustees and employers have already started to consider how the overriding principles that will underpin the new regime, such as the requirement to set a funding and investment strategy, may impact their particular scheme. If they have not already done so, trustees should now start to consider the implications of the new regime in conjunction with their scheme sponsor and advisers.
The consultation, which runs until 17 October 2022, can be viewed here.
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