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?”

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