• TPR’s proposed regulatory approach (twin track routes to demonstrating compliance: Fast Track and Bespoke)
• the principles that should underpin all valuations in the revised framework
• ideas on how these principles could be applied in practice to provide clearer guidelines
The interim response highlights how there were 127 responses to the consultation across a broad range of stakeholders, generating 6,000 comments in total. Overall, there was general support for the principles and regulatory approach proposed in the consultation.
However, some concerns were raised on how the principles would be applied in practice through the proposed twin-track regime (Fast Track and Bespoke).
David Fairs, Executive Director of Policy at TPR, said: “Our first consultation was complex and we are grateful for the well-thought-out responses. We are now working through the issues raised from more than 6,000 comments received. We will be developing our Fast Track guidelines while taking into account the very challenging current economic conditions, and we will carefully assess any potential impacts.
“Our revised code of practice has to be consistent with new legislation, so we will have to wait for the passage of the Pension Schemes Bill through Parliament and DWP’s consultation on draft regulations, currently expected to be in the first part of this year. We therefore anticipate publishing our second consultation in the second half of 2021.”
TPR’s second funding code consultation in the second half of 2021 will include:
• a full summary of the responses to our first consultation and the approach we have taken in light of these responses and the final legislative package
• the draft code of practice for consultation and our proposed regulatory approach, including developing thinking around:
our process to review and update Fast Track guidelines
our approach to assessing valuations
engagement with DB schemes
oenforcement
• an impact assessment and supporting analysis
TPR DB Funding Code Interim Response to Consultation
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