Pensions briefing – a new defined benefit funding regime

The Pension Schemes Act 2021 provided for a framework for a new defined benefit funding regime. In particular, the framework would require defined benefit schemes to have a funding and investment strategy for the purpose of ensuring benefits under the scheme can be paid over the long term. The detail of what this would mean in practice was to be set out in regulations.

In response to the consultation it held on the initial set of draft regulations, the government has now published the revised draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024. The industry will be pleased to hear that a number of the concerns raised in the consultation responses have been taken on board and reflected in the new regulations.

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