Ineffective regulation breeds inequitable outcomes

There have been calls for The Pensions Regulator's (TPR) defined benefit (DB) funding code consultation to be withdrawn and revised to reflect the post-Covid world. We do not agree with these calls but do believe that both this consultation and this crisis provides an opportunity to revisit and correct many of the misconceptions and errors which persist and bedevil DB schemes. Our approach is normative; we address how schemes should be valued and managed. We shall not invoke or rely upon either economic or financial economic theory as this is unnecessary and indeed often unhelpful. Start...