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 "...

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