Regulating defined benefit pension schemes
Open date: 02 December 2013
Closing date: 07 February 2014
Response date: 10 June 2014
Consultation on a revised code of practice for defined benefit (DB) scheme funding, a new DB regulatory strategy and a revised DB funding policy which, together, set out our regulatory approach to DB schemes and to DB funding.
- Consultation response: regulating defined benefit pension schemes (PDF, 127kb, 22 pages)
- Essential guide to the DB code (PDF, 70kb, 9 pages)
- Code of practice 3: funding defined benefits (PDF, 401kb, 51 pages)
- Defined benefit regulatory strategy (PDF, 163kb, 13 pages)
- Defined benefit funding regulatory and enforcement policy (PDF, 319kb, 34 pages)
- Business Engagement Assessment: code of practice 03 - funding defined benefits (PDF, 72kb, 6 pages)
In December 2013 we published a consultation on a revised code of practice for DB scheme funding, new DB regulatory strategy and revised DB funding policy.
One of the drivers for developing and consulting on a new approach was to take account of our new statutory objective ‘to minimise any adverse impact on the sustainable growth of an employer’ when undertaking our funding functions. The government’s aim in providing us with this new objective was to ensure that the funding regime is sufficiently flexible and does not act as a brake on investment and growth, recognising the vital importance of economically viable and healthy employers to schemes.
A review of the funding code and our approach to DB regulation was also necessary to reflect our experience of regulating schemes over the past eight years, evolving best practice and our greater understanding of risks and to ensure that our approach and guidance remain fit-for purpose for the challenges facing DB schemes in the next few years.
Our consultation response summarises what we said in the consultation, what feedback we received and what changes we have made to our approach and the final documents published alongside this response.
- Consultation document: regulating defined benefit pension schemes (PDF, 217kb, 23 pages)
- Draft code of practice 3: funding defined benefits (PDF, 227kb, 75 pages)
- Draft defined benefit regulatory strategy (PDF, 113kb, 15 pages)
- Draft defined benefit funding policy (PDF, 749kb, 50 pages)
- Draft Business Engagement Assessment: code of practice 03 - scheme funding (PDF, 113kb, 7 pages)