Regulator's DB code urges trustees to be 'collaborative and transparent'

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The Pensions Regulator has urged trustees and employers to "work in a collaborative and transparent way" on scheme funding in its latest defined benefit code of practice.

The code, which was laid before parliament today, addresses the watchdog's new obligation to consider the impact of scheme funding on a sponsor's plans for sustainable business growth. It sets out nine broad principles including a call for trustees to take an integrated approach to funding, covenant and investment risks. The regulator said the code was part of a significant change in approach that recognised that a strong ongoing employer alongside an appropriate funding plan was the best way to support a scheme. TPR interim chief executive Stephen Soper (pictured) said: "The revis...

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