DWP lays down proposals for new rules around DB funding

Trustees will answer to the regulator

Hope William-Smith
clock • 3 min read

Defined benefit (DB) schemes will be required to prove long-term plans in a funding and investment strategy that will be looked over by The Pensions Regulator (TPR) under new proposals published today (26 July).

The Department for Work and Pensions' (DWP) latest consultation considers measures to "boost protections" for DB members and comes on the back of the Pension Schemes Act 2021 which set the framework for potential new regulations. The government said the measures outlined will "contribute towards clearer funding statements" as well as support trustees in planning scheme funding over the longer term. The proposals also require trustees to report on their progress against scheme targets. Poor practice continual Pensions and financial inclusion minister Guy Opperman said that while "...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Time is of the essence for pension transfers, advisers say

Time is of the essence for pension transfers, advisers say

More than half highlighted that they are taking one to six months

Isabel Baxter
clock 28 November 2024 • 3 min read
A decade on: Risks and challenges of freedom and choice

A decade on: Risks and challenges of freedom and choice

'Let me be clear: No one will have to buy an annuity'

Adrian Boulding
clock 25 November 2024 • 6 min read
How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read