The Pensions Bill 2013 contains a new statutory objective that when exercising its powers in relation to scheme funding it should "minimise any adverse impact on the sustainable growth of an employer". In tandem with that, the Regulator has published consultation on its policy on regulating DB funding and a new code of practice on scheme funding. The Regulator's view remains that "the best support for a DB scheme is a strong employer and effective trustees working together to manage and balance the risks to their business and scheme".
It is intended that the new code will come into force in July 2014. It will apply to schemes undertaking valuations from that time (but schemes completing valuations in the meantime should bear in mind the messages in the revised code).
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