16 December 2022
Following the two consultations released today by the Pensions Regulator (TPR) on the defined benefit funding code and the ‘fast track’ regulatory approach, Leah Evans, Pensions Board Chair at the Institute and Faculty of Actuaries, said:
“The IFoA has been engaging for some time with the Department for Work and Pensions and the Pensions Regulator (TPR) on how the requirements of the 2021 Pension Schemes Act are translated into new regulations and a code of practice. One of the key concerns we had expressed was a risk that the updated regulations and funding guidance may become too narrow and prescriptive, which in turn could have significant unintended consequences in areas related to affordability, documentation burden and overall cost. We welcome TPR’s clear statement that a bespoke approach will remain an important cornerstone of the funding rules, with fast track a potentially more efficient regulatory approach for schemes where this is appropriate.
“We look forward to engaging with the consultation over the next 14 weeks and playing our part in shaping the final outcome to support a strong strategic framework for pension schemes going forward.”
~ENDS~
Sonia Sequeira, Media Relations Manager, IFoA
Tel: (+44)7525 592 198
Email: sonia.sequeira@actuaries.org.uk
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
For all media queries please contact Sonia Sequeira, Media Relations Manager