The Pensions and Lifetime Savings Association (PLSA) comments on today’s publication by The Pensions Regulator (TPR) of its interim response to its first defined benefit (DB) funding code consultation.
Tiffany Tsang, Head of DB, LGPS and Investment, PLSA, said: “We are glad that the Regulator is listening, as the industry has raised some fundamental concerns about the impact of many of the proposals put forward last year including being too prescriptive in a number of key areas, the lack of clarity and interaction between the bespoke and fast-track approaches and the need for the differing circumstances of open schemes and closed schemes to be more fully recognised. We look forward to discussing more detail of the regulator’s thinking in the coming months as it continues to assess and update its approach to reflect both the very different times in which schemes and sponsors are operating and also the detailed concerns that have been raised.
“However, it is slightly disappointing that the publication does not clarify further – at this time – some of the misunderstandings the report notes have been made about the proposals. We now look forward to continuing our work with TPR on this in order to achieve the best possible outcomes for our members and, in turn, savers.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]k
Steven Kennedy, PR Manager
020 7601 1737 | 07713 073024 | [email protected]