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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


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 documents