DB funding code timetable 'under pressure' amid parliamentary recess

Plans for the defined benefit (DB) funding code to be operational by 2023 could be placed under pressure in light of the fact that parliament has gone into summer recess without the funding regulations being laid, Isio has said.

The Pensions Regulator (TPR) previously confirmed plans to consult on the defined benefit (DB) funding code in the autumn of this year, with the code to be operational from September 2023, following a number of previous delays.

However, the parliamentary summer recess has now begun without the funding regulations being laid, which has prompted concerns that the revised timeline for the DB funding code could be in question.

Isio head of research and development, Iain McLellan, stated: "It is now going to be a struggle for TPR to consult on its draft funding code in “late summer” at it had been hoping.

"Their revised timetable for the new funding regime coming into force in 2023 looks to be under pressure already.

“It doesn’t feel like this is near the top of the government’s pensions priorities, seeing as it did manage to push out new material on dashboards and illiquid assets over the last week.

"With a summer recess, the impact of a Conservative party leadership election and party conference season we could be in a for a long wait. ‘Late winter’ anyone?”

    Share Story:

Recent Stories

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios