TPR Draft DB Funding Code consultation: PLSA response
On 16 December 2022, TPR released its second consultation package in relation to the draft DB Funding Code (the Code), which has been drafted in line with the draft regulations that the Department for Work and Pensions (DWP) consulted on last summer. The earliest the final regulations and Code could come into force together will be 1 October 2023.
The PLSA welcomes the release of the draft Code and believes there is much in the new funding regime that will help protect members of DB schemes. We are particularly pleased that there is a lot more flexibility in the draft Code and the pragmatic approach that TPR has tried to take in many instances.
In our response to TPR’s consultation we have provided comments on the specific aspects of the draft Code, including responses to the various consultation questions. While we are broadly supportive of the draft Code, we have identified particular areas of concern raised by our members (including the proposed start date), as well as a number of issues in the draft regulations that we believe need to be addressed (which will require TPR and DWP to work together to resolve).