Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
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11/4/2023
Editorial
<p>The Trustee has issued a comprehensive response to The Pensions Regulator’s (TPR) recent consultation package on its draft funding Code of Practice for defined benefit (DB) pension schemes. TPR is consulting based on its interpretation of how trustees can comply with the legislative requirements set out in the Pension Schemes Act 2021 and the proposed draft regulations that the Department for Work and Pensions (DWP) consulted on in 2022 (the Trustee’s full response to that consultation can be found <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2022/11/14/trustee-responds-to-dwp-consultation" target="_blank" data-sf-ec-immutable="" data-sf-marked="">here</a>).</p><p>The Trustee notes that most of the draft Code of Practice serves as welcome detail since the DWP consulted on its draft regulations last year. However, the Trustee feels there are still a number of areas where the draft regulations, and/or the draft Code of Practice, may lead to unintended negative consequences for DB schemes and their members. The covering note to the Trustee’s response highlights several key concerns.</p><p>The Trustee believes that it is essential that the new funding regime allows members to continue to build up affordable and sustainable DB pensions, and that it remains able to pay these benefits over the long term.</p><p>Through its response to these consultations and its extensive engagement with TPR, the DWP, and a wide range of other industry stakeholders, the Trustee is aiming to support TPR and the DWP in developing solutions that work for the wide range of DB schemes in the UK, including open schemes.</p><p>The Trustee and Railpen will continue to engage with the DWP and TPR in the months ahead, to try to ensure that the final regulations and Code of Practice are as helpful as possible, and serve the best interests of our members. </p><p><span style="text-decoration: underline"><a data-sf-ec-immutable=""></a><a target="_blank" href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/default-document-library/rptcl---response-to-db-funding-code-consultation.pdf?sfvrsn=f8e12420_1">Read the Trustee’s full response to the consultation.</a></span></p><div><div><div id="_com_1"><p> </p></div></div></div><p><span style="text-decoration: underline"><a data-sf-ec-immutable=""> </a></span></p>
<p>The Trustee has issued a comprehensive response to The Pensions Regulator’s (TPR) recent consultation package on its draft funding Code of Practice for defined benefit (DB) pension schemes. TPR is consulting based on its interpretation of how trustees can comply with the legislative requirements set out in the Pension Schemes Act 2021 and the proposed draft regulations that the Department for Work and Pensions (DWP) consulted on in 2022 (the Trustee’s full response to that consultation can be found <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2022/11/14/trustee-responds-to-dwp-consultation" target="_blank" data-sf-ec-immutable="" data-sf-marked="">here</a>).</p><p>The Trustee notes that most of the draft Code of Practice serves as welcome detail since the DWP consulted on its draft regulations last year. However, the Trustee feels there are still a number of areas where the draft regulations, and/or the draft Code of Practice, may lead to unintended negative consequences for DB schemes and their members. The covering note to the Trustee’s response highlights several key concerns.</p><p>The Trustee believes that it is essential that the new funding regime allows members to continue to build up affordable and sustainable DB pensions, and that it remains able to pay these benefits over the long term.</p><p>Through its response to these consultations and its extensive engagement with TPR, the DWP, and a wide range of other industry stakeholders, the Trustee is aiming to support TPR and the DWP in developing solutions that work for the wide range of DB schemes in the UK, including open schemes.</p><p>The Trustee and Railpen will continue to engage with the DWP and TPR in the months ahead, to try to ensure that the final regulations and Code of Practice are as helpful as possible, and serve the best interests of our members. </p><p><span style="text-decoration: underline"><a data-sf-ec-immutable=""></a><a target="_blank" href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/default-document-library/rptcl---response-to-db-funding-code-consultation.pdf?sfvrsn=f8e12420_1">Read the Trustee’s full response to the consultation.</a></span></p><div><div><div id="_com_1"><p> </p></div></div></div><p><span style="text-decoration: underline"><a data-sf-ec-immutable=""> </a></span></p>
Blog
The Trustee responds to TPR consultation
Read the Trustee's response to The Pensions Regulator's consultation on a draft funding Code of Practice for DB pension schemes.
The Trustee has issued a comprehensive response to The Pensions Regulator’s (TPR) recent consultation package on its draft funding Code of Practice for defined benefit (DB) pension schemes. TPR is consulting based on its interpretation of how trustees can comply with the legislative requirements set out in the Pension Schemes Act 2021 and the proposed draft regulations that the Department for Work and Pensions (DWP) consulted on in 2022 (the Trustee’s full response to that consultation can be found here).
The Trustee notes that most of the draft Code of Practice serves as welcome detail since the DWP consulted on its draft regulations last year. However, the Trustee feels there are still a number of areas where the draft regulations, and/or the draft Code of Practice, may lead to unintended negative consequences for DB schemes and their members. The covering note to the Trustee’s response highlights several key concerns.
The Trustee believes that it is essential that the new funding regime allows members to continue to build up affordable and sustainable DB pensions, and that it remains able to pay these benefits over the long term.
Through its response to these consultations and its extensive engagement with TPR, the DWP, and a wide range of other industry stakeholders, the Trustee is aiming to support TPR and the DWP in developing solutions that work for the wide range of DB schemes in the UK, including open schemes.
The Trustee and Railpen will continue to engage with the DWP and TPR in the months ahead, to try to ensure that the final regulations and Code of Practice are as helpful as possible, and serve the best interests of our members.
Read the Trustee’s full response to the consultation.
