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Pension schemes should be aware of covenant reliability period requirements ahead of The Pension Regulator’s (TPR’s) new defined benefit (DB) funding code, which is due to come into force later this year.
The Society of Pension Professionals (SPP) has called on The Pensions Regulator (TPR) to simplify its draft defined benefit (DB) funding code, warning its proposals are “lacking in proportionality and pragmatism”.
Two-thirds of defined benefit (DB) schemes expect to adopt a fast-track approach to submitting actuarial valuations once the new DB funding code is introduced, a webinar poll by Mercer has revealed.
The new defined benefit (DB) funding rules could see sponsoring employers be faced with substantially increased costs running into billions of pounds, according to research by Lane Clark & Peacock (LCP).
The abolition of the lifetime allowance (LTA) is the piece of legislation the industry would most like to see get passed this year, according to a Professional Pensions survey.