The Pensions Regulator expects its much-anticipated new defined benefit funding code to be in place and operational by September 2023, according to its latest corporate plan.

In the document published on June 13, the regulator explained that the delay in the new funding rules, and in its second consultation on the matter, has allowed it to take the time it needs “to develop the right shape for our DB funding code”, while wanting to take the “opportunity to learn from the [Department for Work and Pensions’] consultation on draft funding and investment regulations”.

The new DB funding code proposes a twin-track approach to valuations, under which schemes will be able to choose between a bespoke route or a more prescriptive fast-track option.

Pensions Expert reported in December that the second consultation had been delayed until late summer 2022.

“On the basis that the DWP consults on its draft funding and investment regulations in spring 2022, we are planning to launch our second consultation in the autumn of 2022, with our new code becoming operational from September 2023,” the regulator said, though it cautioned that “these timings remain subject to change”.

TPR has reiterated that “resulting changes from the new code will be forward-looking, which means that schemes with valuation effective dates on or after the code’s commencement date will be affected”.

Read more @Pensions Expert