Over half (51 per cent) of pension professionals believe that the best outcome of the Defined Benefit (DB) Funding Code has been clearer links between funding, investment and covenant, a poll from the Society of Pension Professionals (SPP) has found.

The poll, conducted following the new DB Funding Code coming into force earlier this week, also revealed that a quarter (25 per cent) felt the best thing prompted by the new code was clearer expectations from The Pensions Regulator (TPR) for risk management.

Meanwhile, 11 per cent said the best thing to come of the new code was thinking about covenant beyond three years ahead, 8 per cent said closer working between scheme advisers, while 4 per cent opted for the 'something else' option.

Commenting on the findings, SPP member, A&O Shearman UK head of pensions, and chair of the event, Neil Bowden, said: “The new DB Funding Code is still in its infancy but there are already obvious benefits.

“It’s clear from this SPP polling that clearer links between funding, investment and covenant are broadly recognised as being one of the key benefits and given the nature of the code it’s perhaps unsurprising that so many pension professionals also confirmed that it has led to clearer TPR expectations on risk management.”

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