Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code

<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="description" content="Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned"> <meta name="keywords" content="DB funding code, trustees, LCP, TPR,"> <meta name="author" content="Paige Perrin"> <meta property="og:title" content="Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code" /> <meta property="og:type" content="article" /> <meta property="og:description" content="Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned" /> <meta property="og:site_name" content="Pensions Age Magazine" /> <meta property="og:locale" content="en_GB" /> <meta property="article:author" content="Paige Perrin" /> <meta property="og:url" content="https://www.pensionsage.com/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php" /> <meta property="og:image" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg" /> <meta name="twitter:card" content="summary_large_image"> <meta name="twitter:site" content="@PensionsAge"> <meta name="twitter:title" content="Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code"> <meta name="twitter:description" content="Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned"> <meta name="twitter:creator" content="@PensionsAge"> <meta name="twitter:image:src" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg"> <meta name="twitter:domain" content="https://www.pensionsage.com">  <meta name="viewport" content="width=device-width, initial-scale=1">  <title>Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code - Pensions Age Magazine</title> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.pensionsage.com/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php" }, "headline": "Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code", "image": [ "https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg" ], "datePublished": "2024-11-26T11:35:38+0000", "dateModified": "2024-11-26T11:57:34+0000", "author": { "@type": "Person", "name": "Paige Perrin" }, "publisher": { "@type": "NewsMediaOrganization", "name": "Pensions Age", "logo": { "@type": "ImageObject", "url": "https://www.pensionsage.com/pa/img/pensions-age-logo.jpg" } }, "description": "Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned" } </script>  <html itemscope itemtype="http://schema.org/Article">  <meta itemprop="name" content="Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code"> <meta itemprop="description" content="Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned"> <meta itemprop="image" content="https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg">  <script async src="https://www.googletagmanager.com/gtag/js?id=UA-134331442-1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-134331442-1'); </script>  <link rel="shortcut icon" href="https://www.pensionsage.com/favicon.ico" type="image/x-icon" />  <link href="/fontawesome-free-6.4.2-web/css/fontawesome.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/brands.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/solid.css" rel="stylesheet">  <link href="https://fonts.googleapis.com/css?family=Roboto+Condensed%7CRoboto+Slab:300,400,700%7CRoboto:300,400,500,700" rel="stylesheet"> <link href="https://fonts.googleapis.com/css?family=Merriweather:400,700" rel="stylesheet"> <link rel="preconnect" href="https://fonts.googleapis.com"> <link rel="preconnect" href="https://fonts.gstatic.com" crossorigin> <link href="https://fonts.googleapis.com/css2?family=Courgette&display=swap" rel="stylesheet">  <link rel="stylesheet" href="/pa/bootstrap/css/bootstrap.min.css"> <link rel="stylesheet" href="/pa/bootstrap/css/main.css"> <link rel="stylesheet" href="/pa/bootstrap/css/style.css?ver=65"> <link rel="stylesheet" href="/pa/bootstrap/css/colors.css"> <link rel="stylesheet" href="/pa/bootstrap/css/responsive.css?ver=5"> <link rel="stylesheet" href="/pa/bootstrap/css/jquery-ui.min.css">   <link rel="stylesheet" href="/pa/bootstrap/css/cookiealert.css">  </head> <body>  <div id="wrapper" data-color="red">  <div class="hidden-lg" style="margin:6px 0 6px 0;"> </div> <style> @media only screen and (max-width: 767px) { .right-top-menu { right:0 !important; } } @media only screen and (max-width: 767px) { .ad-logo-js img { height: 70px !important; padding: 3px !important; float: left; } } @media only screen and (max-width: 767px) { .ad-logo-js { float: left !important; height: 70px; } } .ad-logo-js img { height:90px; } .ad-logo-js { float: right; margin-right:150px; } .button-job-js:hover { background-color: #d4000e !important; color:white !important; } .button-job-js a:hover { background-color: #d4000e !important; color:white !important; } </style> <header id="header">  <div class="top-menu">  <div class="container">  <ul class="left-top-menu"> <li class="address"><a>Established 1996</a></li> </ul>   <ul class="right-top-menu pull-right"> <li style="margin-top:25px;"> <div class="search-container"> <div class="search-icon-btn"> <span><i class="fa fa-search"></i></span> </div> <div class="search-input" style="position: absolute; right: 40px; z-index: 1;"> <script> function checkform(msg) { document.search.submit(); } </script> <form name="search" id="search" action="/pa/search.php" method="POST"> <input type="search" class="search-bar" placeholder="Search..." title="Search" id="querystring" name="querystring" /> </form> </div> </div> </li> </ul>   </div>  </div>   <div class="container">  <div class="header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div>   <div class="header-add-place"> <div class="desktop-add" style="padding-top:20px;"> <div id="adbannerwrapjs"> <ins class='dcmads' style='display:inline-block;width:728px;height:90px' data-dcm-placement='N830975.140386PENSIONSAGE/B31943960.407014362' data-dcm-rendering-mode='iframe' data-dcm-https-only data-dcm-api-frameworks='[APIFRAMEWORKS]' data-dcm-omid-partner='[OMIDPARTNER]' data-dcm-gdpr-applies='gdpr=${GDPR}' data-dcm-gdpr-consent='gdpr_consent=${GDPR_CONSENT_755}' data-dcm-addtl-consent='addtl_consent=${ADDTL_CONSENT}' data-dcm-ltd='false' data-dcm-resettable-device-id='' data-dcm-app-id=''> <script src='https://www.googletagservices.com/dcm/dcmads.js'></script> </ins></div> </a> </div> </div>   <nav class="navbar navbar-default" id="mobile-nav"> <div class="navbar-header"> <button type="button" class="navbar-toggle" data-toggle="collapse" id="sidenav-toggle"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <div class="sidenav" data-sidenav data-sidenav-toggle="#sidenav-toggle"> <button type="button" class="navbar-toggle active" data-toggle="collapse"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-brand"> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <ul class="sidenav-menu"> <li class="active"><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li><a href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li><a class="active">Other Awards</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li><a class="active">Conferences</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li>  <li><a href="/pa/events.php">Events</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li><a href="/pa/podcast-archives.php">Podcasts</a></li> </ul> </div> </nav>  </div>   <div class="navbar" id="fixed-navbar">  <div class="main-menu nav navbar-collapse collapse" id="fixed-navbar-toggle">  <div class="container">  <ul class="nav navbar-nav"> <li><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li class="button-job-js" style="background-color: #fcfcfc;border-top: solid 1px #d4000e;border-bottom: solid 1px #d4000e;"><a style="color: #d4000e; font-weight: 500;" href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Other Awards</a> <ul class="dropdown-menu"> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Conferences</a> <ul class="dropdown-menu"> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li>  <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li> </ul>  </div>  </div>   <div class="second-menu navbar" id="nav-below-main">  <div class="container">  <div class="collapse navbar-collapse nav-below-main">  <ul class="nav navbar-nav">  <li><a href="/pa/events.php">Events</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li style="background-color: #ed1c24;"><a style="color: white;font-weight: 500;" href="/pa/podcast-archives.php">Podcasts</a></li> </ul>  </div>   <div class="clock"> <div id="time"></div> <div id="date"></div> </div>  </div>  </div>  </div> </header>   <section id="main-section" class="box"> <p><a class="divLink" target="_blank" href="https://thepeoplespension.co.uk/employers/what-we-offer/?utm_source=brand&utm_medium=ad_print&utm_campaign=Y-AP-TPP-0005-1028-ENG"></a></p>  <section class="module">  <div class="container" style="padding: 25px 0 0 0 !important;">   <div class="outer"> <div class="breaking-ribbon"> <h4>Latest News</h4> </div>  <div class="newsticker"> <ul> <li> <h4><a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php"> Wednesbury Pension Scheme completes £43m buy-in with Just Group</a></h4> </li> <li> <h4><a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php"> DB pension transfer values fall to lowest value since October 2023</a></h4> </li> <li> <h4><a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php"> TPO orders employer to pay outstanding pension contributions</a></h4> </li> <li> <h4><a href="/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code</a></h4> </li> <li> <h4><a href="/pa/APPG-call-for-evidence-finds-significant-shortcomings-at-the-FCA.php"> APPG call for evidence finds ‘significant shortcomings’ at the FCA</a></h4> </li> <li> <h4><a href="/pa/More-than-half-of-pensioners-dont-like-asking-for-financial-help.php"> More than half of pensioners don’t like asking for financial help</a></h4> </li> </ul> <div class="navi"> <button class="up"><i class="fa fa-caret-left"></i></button> <button class="down"><i class="fa fa-caret-right"></i></button> </div> </div>  </div>   </div> </section>   <section class="module"> <div></div>  <div class="container" style="padding: 0;">  <div class="row no-gutter">  <div class="col-md-7">  <div class="row no-gutter"> <div class="col-md-12"> <div id="adbannerwrapjsx"><a href=" " target=""></a><center> <ins class='dcmads' style='display:inline-block;width:728px;height:90px' data-dcm-placement='N6540.140386PENSIONSAGE/B32286627.398254181' data-dcm-rendering-mode='iframe' data-dcm-https-only data-dcm-api-frameworks='[APIFRAMEWORKS]' data-dcm-omid-partner='[OMIDPARTNER]' data-dcm-gdpr-applies='gdpr=${GDPR}' data-dcm-gdpr-consent='gdpr_consent=${GDPR_CONSENT_755}' data-dcm-addtl-consent='addtl_consent=${ADDTL_CONSENT}' data-dcm-ltd='false' data-dcm-resettable-device-id='' data-dcm-app-id='' data-dcm-click-tracker=''> <script src='https://www.googletagservices.com/dcm/dcmads.js'></script> </ins></center></div> </div> </div>  <div class="row no-gutter" style="margin-bottom:20px;"> <div class="col-md-12"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/728x90__MPU_animated-pa-awards-1123.gif" border="0""></a></div> </div> </div>  <article class="post post-full clearfix"> <div class="title-left title-style04 underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By Paige Perrin</address> <time pubdate datetime="26/11/24" class="post-meta-date"> <i class="fa fa-calendar"></i>26/11/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>Trustees should not forget to focus on “the big picture” before delving into the details of the Defined Benefit (DB) Funding Code with their advisers, LCP has warned. <br /> <br /> The Pensions Regulator (TPR) DB Funding Code<a href="https://www.pensionsage.com/pa/New-DB-Funding-Code-officially-comes-into-force.php"> officially came into earlier this month,</a> with the regulator now set to improve its regulatory grip to ensure savers get the benefits they expect. <br /> <br /> The firm said that the DB Funding Code has evolved “significantly” from where it started and identified three areas of common misconception from an investment perspective. <br /> <br /> The first area was the need to take action to get a “strong” funding position quickly, but LCP’s analysis showed that two-thirds of schemes already have a surplus on a gilts + 0.5 per cent per annum basis.<br /> <br /> It stated that for many that have not reached that secure position yet, there was "ample time", as while 10 per cent may need to achieve low dependency within six years, 40 per cent have more than 15 years to get there.<br /> <br /> Another area of misconception was the idea that once schemes reach low dependency, assets should be expected to deliver low investment returns. <br /> <br /> However, LCP said schemes could justify a long-term portfolio with a reasonable allocation to growth assets, possibly targeting an overall expected return of gilts + 1.5 per cent to 2.0 per cent per annum.<br /> <br /> In addition to this, trustees have full flexibility on how any surplus above full funding on the low dependency funding basis can be invested, for example, it can be 100 per cent equities. <br /> <br /> The final misconception LCP highlighted was that the new DB Funding Code was all about scheme funding. <br /> <br /> However, the firm argued there was also a big focus on other areas including the liquidity of your investments.<br /> <br /> It noted that the new code mentioned liquidity over 60 times, with many sensible expectations on trustees regarding understanding the liquidity of the investments held, planning for unexpected cashflows, quantifying liquidity in stressed market conditions, and documenting protocols.<br /> <br /> The firm said now was the “ideal time” for a liquidity health check to ensure assets are well-positioned and meet TPR’s expectations.<br /> <br /> Commenting on this, LCP partner, Jacob Shah, said that, given the origins of the DB Funding Code, there were some possible misconceptions about what it means in practice, and some trustees may not realise the level of flexibility they have in setting their investment strategies.<br /> <br /> Adding to this, LCP partner, John Clements, said: “In the short term, we recommend trustees carry out a high-level review of their journey plan, liquidity position, and alignment with the fast-track requirements to help identify and address any potential issues early.”<br /> <br /> Clements warned that waiting until the valuation date could be “too late”.</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code&url=https://pensionsage.com/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-handshake.jpg"></a></div> <div class="content"> <h3><a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php?utm_source=jsrecent">Wednesbury Pension Scheme completes £43m buy-in with Just Group</a></h3> <div> <a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-chart-decline-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php?utm_source=jsrecent">DB pension transfer values fall to lowest value since October 2023</a></h3> <div> <a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/The-Pensions-Ombudsman-Logo-jobs.png"></a></div> <div class="content"> <h3><a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php?utm_source=jsrecent">TPO orders employer to pay outstanding pension contributions</a></h3> <div> <a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/irishawards/booking_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/IPA2024_Book_728x90-0724.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3">  <div class="sidebar-add-place"><a href="/pa/peoples-pension-mpu-29102024" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/peoplespensionadv3/index.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div> <div class="sidebar-add-place"> <div class="ft_async_tag"> <noscript> <a href="https://servedby.flashtalking.com/click/1/243387;8498616;0;209;0/?gdpr=${GDPR}&gdpr_consent=${GDPR_CONSENT_78}&us_privacy=${US_PRIVACY}&ft_width=300&ft_height=250&url=39252371" target="_blank"> <img border="0" src="https://servedby.flashtalking.com/imp/1/243387;8498616;205;gif;PensionsAge;Display300x250/?gdpr=${GDPR}&gdpr_consent=${GDPR_CONSENT_78}&us_privacy=${US_PRIVACY}"> </a> </noscript> <img src="data:image/png,ft" style="display: none" onerror=' (function(img) { window.ftClick = ""; window.ftExpTrack_8498616 = ""; window.ftX = ""; window.ftY = ""; window.ftZ = ""; window.ftOBA = 1; window.ftContent = ""; window.ftCustom = ""; window.ft300x250_OOBclickTrack = ""; window.ftRandom = Math.random()*1000000; window.ftClick_8498616 = ftClick; if(typeof(ft_referrer)=="undefined"){window.ft_referrer=(function(){var r="";if(window==top){r=window.location.href;}else{try{r=window.parent.location.href;}catch(e){}r=(r)?r:document.referrer;}while(encodeURIComponent(r).length>1000){r=r.substring(0,r.length-1);}return r;}());} var ftDomain = (window==top)?"":(function(){var d=document.referrer,m=(d)?d.match("(?::q/q/)+([qw-]+(q.[qw-]+)+)(q/)?".replace(/q/g,decodeURIComponent("%"+"5C"))):"",h=(m&&m[1])?m[1]:"";return (h&&h!=location.host)?"&ft_ifb=1&ft_domain="+encodeURIComponent(h):"";}()); var ftV_8498616={pID:"8498616",width:"300",height:"250",params:{ftx:window.ftX,fty:window.ftY,ftadz:window.ftZ,ftscw:window.ftContent,ft_custom:window.ftCustom,ft_id:window.ftID||"",ft_idEnabled:window.ftIDEnabled||"",ftOBA:window.ftOBA,ft_domain:((ftDomain||"").match(RegExp("&ft_domain=([^&$]+)","i"))||["",""])[1],ft_ifb:((ftDomain||"").match(RegExp("&ft_ifb=([^&$]+)","i"))||["",""])[1],ft_agentEnv:window.mraid||window.ormma?"1":"0",ft_referrer:encodeURIComponent(window.ft_referrer),gdpr:"${GDPR}",gdpr_consent:"${GDPR_CONSENT_78}",us_privacy:"${US_PRIVACY}",ftClick:window.ftClick,cachebuster:window.ftRandom},winVars:{ftClick_8498616:window.ftClick_8498616,ftExpTrack_8498616:window.ftExpTrack_8498616,ft300x250_OOBclickTrack:window.ft300x250_OOBclickTrack},DTimeout:1E3,GTimeout:1E3}, ftPProc=function(d){var c=this;d=JSON.parse(JSON.stringify(d));var f=[],l=function(a,b){b="undefined"===typeof b||isNaN(b)?1:parseInt(b,10);a=a||"";for(var e=0<=b?b:0;e--;)a=encodeURIComponent(a);return a},h=function(a){a=a.constructor==Array?a:[];for(var b=0;b<a.length;b++){var e=a[b].t&&"w"==a[b].t?"winVars":"params",c=d[e][a[b].p],g=l(a[b].n||"",a[b].e),h=l(a[b].v||"",a[b].e);g=(g?g+":":"")+h;""!==g&&(c="undefined"===typeof c||""===c||"o"===a[b].m?"":c+";",d[e][a[b].p]=c+g)}a=!0;for(b=0;b<f.length;b++)if(!f[b].deployed){a=!1;break}a&&k()},k=function(){k=function(){};deployTag()};c.getVars=function(a){return JSON.parse(JSON.stringify(a?"string"===typeof a&&"undefined"!==typeof d[a]?d[a]:{}:d))};c.getSrcString=function(){var a=c.getVars("params"),b=[],e;for(e in a)a.hasOwnProperty(e)&&"undefined"!==typeof a[e]&&""!==a[e]&&b.push(e+"="+a[e]);return b.join("&")};c.deployWinVars=function(){var a=c.getVars("winVars"),b;for(b in a)a.hasOwnProperty(b)&&"undefined"!==typeof a[b]&&(window[b]=a[b])};c.addPProc=function(a){a.deployed=!1;f.push(a)};c.init=function(){d.v=5;var a=[];0===f.length?k():(f.forEach(function(b){a.push(b.id);b.timeout=parseInt(isNaN(b.timeout)?d.DTimeout:b.timeout,10);b.timer=setTimeout(function(){var a={};clearTimeout(b.timer);b.deployed||(b.deployed=!0,h(a))},b.timeout||d.DTimeout);b.deploy(c.getVars(),function(a){clearTimeout(b.timer);b.deployed||(b.deployed=!0,h(a))})}),window["ftPPIDs_"+d.pID]=d.v+";"+a.join(","))}},ft8498616PP = new ftPProc(ftV_8498616); var deployTag = function(){deployTag = function(){};clearTimeout(gTimer);ft8498616PP.deployWinVars(); var ftTag = document.createElement("script"); ftTag.id = "ft_servedby_8498616"; ftTag.src = "https://servedby.flashtalking.com/imp/1/243387;8498616;201;jsappend;PensionsAge;Display300x250/?"+ft8498616PP.getSrcString(); ftTag.name = "ftscript_300x250"; img.parentNode.insertBefore(ftTag, img.nextSibling); },gTimer = setTimeout(function(){clearTimeout(gTimer);deployTag();},ftV_8498616.GTimeout);ft8498616PP.init(); })(this); '> </div> </div>  <div class="sidebar-add-place"><a href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="jswrap4"><div class="jstitle4">Closing the gender pension gap</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170_ScotWidows_PensionGap.jpg" controls="" width="100%"><source src="/pa/jwplayer/ScottishWidows_PA.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Endgames and LDI: Lessons to be learnt</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170-ssga-video-interview-PLSA-show.jpg" controls="" width="100%"><source src="/pa/jwplayer/StateStreetGlobalInvestors_2.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">At the PLSA Annual Conference, Laura Blows spoke to State Street Global Advisors EMEA head of LDI, Jeremy Rideau, about DB endgames and LDI in the wake of the gilts crisis of two years ago</div></div></div> <br>  <div class="jswrap4"><div class="jstitle4">Keeping on track</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-2new.jpg"><audio controls><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/ogg"><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track</div></div></div> <div class="jswrap4"><div class="jstitle4">Building investments in a DC world</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-replacement.jpg"><audio controls><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/ogg"><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets</div></div></div> <br> <div class="sidebar-tabs"> <div class="panel"> <div class="panel-body"> <div class="tabbable">  <ul class="nav nav-tabs nav-tabs-solid nav-justified"> <li class="active"><a href="#solid-justified-tab1" data-toggle="tab" aria-expanded="true">Popular</a></li> <li class=""><a href="#solid-justified-tab2" data-toggle="tab" aria-expanded="false">Recent</a></li> <li class=""><a href="#solid-justified-tab3" data-toggle="tab" aria-expanded="false">Jobs</a></li> </ul>  <div class="tab-content">  <div class="tab-pane active" id="solid-justified-tab1"> <ul> <li><a href="/pa/blog-mental-health-awareness-week-2024.php"> <div class="mostreadnumbers">1</div> <p>Blog: Mental Health Awareness Week 2024</p> </a></li> <li><a href="/pa/Unnamed-pension-scheme-completes-first-BPA-deal-tos-hare-value-with-corporate-sponsor.php"> <div class="mostreadnumbers">2</div> <p>Unnamed pension scheme completes £500m 'first of its kind' BPA deal </p> </a></li> <li><a href="/pa/PDP-shares-update-pensions-dashboards-reporting-standards-2024.php"> <div class="mostreadnumbers">3</div> <p>PDP shares updated pensions dashboards reporting standards </p> </a></li> <li><a href="/pa/DC-pension-savers-at-risk-of-advice-gap-both-at-and-in-retirement.php"> <div class="mostreadnumbers">4</div> <p>DC pension savers ‘at risk’ of advice gap both at and in retirement</p> </a></li> <li><a href="/pa/Blog-Pensions-Awareness-Week-2024.php"> <div class="mostreadnumbers">5</div> <p>Blog: Pensions Awareness Week 2024</p> </a></li> <li><a href="/pa/Blog-The-voices-behind-the-megaphone.php"> <div class="mostreadnumbers">6</div> <p>Pension Attention 2024: The voices behind the megaphone </p> </a></li> <li><a href="/pa/research-reveals-employees-risk-sleepwalking-into-retirement.php"> <div class="mostreadnumbers">7</div> <p>Workers risk 'sleepwalking' into retirement amid lack of contribution understanding</p> </a></li> <li><a href="/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php"> <div class="mostreadnumbers">8</div> <p>Report highlights risks and opportunities under new DB funding regime </p> </a></li> <li><a href="/pa/Electricity-Supply-pension-scheme-completes-buy-in-with-Aviva.php"> <div class="mostreadnumbers">9</div> <p>National Grid pension scheme completes £1.7bn buy-in with Aviva </p> </a></li> <li><a href="/pa/Brits-delaying-retirement-by-almost-4-years-due-to-high-cost-of-living.php"> <div class="mostreadnumbers">10</div> <p>Brits delaying retirement by almost four years due to high cost of living</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab2"> <ul> <li><a href="/pa/Rothesay-foundation-made-2-47-m-donation-to-age-uk.php"> <div class="mostreadnumbers">1</div> <p>Rothesay Foundation makes £2.47m donation to Age UK benefits check service </p> </a></li> <li><a href="/pa/APPG-call-for-evidence-finds-significant-shortcomings-at-the-FCA.php"> <div class="mostreadnumbers">2</div> <p>APPG call for evidence finds ‘significant shortcomings’ at the FCA</p> </a></li> <li><a href="/pa/Trustees-shouldnt-forget-bigger-picture-before-considering-details-of-DB-Funding-Code.php"> <div class="mostreadnumbers">3</div> <p>Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code</p> </a></li> <li><a href="/pa/More-than-half-of-pensioners-dont-like-asking-for-financial-help.php"> <div class="mostreadnumbers">4</div> <p>More than half of pensioners don’t like asking for financial help</p> </a></li> <li><a href="/pa/TPO-upholds-complaint-against-Mid-Air-Site-Services-Ltd-for-unpaid-pension-contributions.php"> <div class="mostreadnumbers">5</div> <p>TPO orders employer to pay outstanding pension contributions</p> </a></li> <li><a href="/pa/Wednesbury-Pension-Scheme-completes-43-million-buy-in-with-Just-Group.php"> <div class="mostreadnumbers">6</div> <p>Wednesbury Pension Scheme completes £43m buy-in with Just Group </p> </a></li> <li><a href="/pa/DB-pension-transfer-values-fall-to-lowest-value-since-October-2023.php"> <div class="mostreadnumbers">7</div> <p>DB pension transfer values fall to lowest value since October 2023 </p> </a></li> <li><a href="/pa/Brits-delaying-retirement-by-almost-4-years-due-to-high-cost-of-living.php"> <div class="mostreadnumbers">8</div> <p>Brits delaying retirement by almost four years due to high cost of living</p> </a></li> <li><a href="/pa/DC-pension-savers-at-risk-of-advice-gap-both-at-and-in-retirement.php"> <div class="mostreadnumbers">9</div> <p>DC pension savers ‘at risk’ of advice gap both at and in retirement</p> </a></li> <li><a href="/pa/Pension-funds-remain-largest-asset-owners-despite-slower-growth.php"> <div class="mostreadnumbers">10</div> <p>Largest asset owners reach record $26.3trn; pension funds see smallest growth</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab3"> <ul> <li><a href="/jobs/Trustee-Director-of-the-Peoples-Pension-Trustee-Limited-2024-11-27.php"> <div class="mostreadnumbers">1</div> <p>Trustee Director of the People’s Pension Trustee Limited</p> </a></li> <li><a href="/jobs/Pensions-Project-Manager-22-11-2024.php"> <div class="mostreadnumbers">2</div> <p>Pensions Project Manager</p> </a></li> <li><a href="/jobs/Assistant-Trustee-Executive-22-11-2024.php"> <div class="mostreadnumbers">3</div> <p>Assistant Trustee Executive</p> </a></li> <li><a href="/jobs/DC-Pensions-Governance-15-11-2024-.php"> <div class="mostreadnumbers">4</div> <p>DC Pensions Governance</p> </a></li> <li><a href="/jobs/In-House-Scheme-Pensions-Specialist-Buy-out-project-work-daily-administration-14-11-2024.php"> <div class="mostreadnumbers">5</div> <p>In-House Scheme, Pensions Specialist, Buy-out project work & daily administration</p> </a></li> <li><a href="/jobs/Senior-Pensions-Manager-In-House-07-11-2024.php"> <div class="mostreadnumbers">6</div> <p>Senior Pensions Manager, In-House</p> </a></li> <li><a href="/jobs/Senior-Pensions-Client-Manager-07-11-2024-22-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">7</div> <p>Senior Pensions Client Manager</p> </a></li> <li><a href="/jobs/Assistant-Trustee-Executive-15-11-2024-22-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">8</div> <p>Associate Pensions Executive, Governance</p> </a></li> <li><a href="/jobs/Independent-Chair-to-the-Pension-Board-Members-of-the-Senedd-Pension-Scheme-06-11-2024.php"> <div class="mostreadnumbers">9</div> <p>Independent Chair to the Pension Board – Members of the Senedd Pension Scheme</p> </a></li> <li><a href="/jobs/Senior-Pensions-Projects-Administrator-01-11-2024-07-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">10</div> <p>Senior Pensions Projects Administrator</p> </a></li>  </ul> </div>  </div> </div> </div> </div> </div> </div>  <div class="col-md-2"> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" ALT=""><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_animated-pa-awards-1123.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/irishawards/booking_form.php" ALT="AWARDS"><img src="https://www.pensionsage.com/pa/../../pa/images/IPA2024_Book_120x600.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_120x600 animated.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/springconference/" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_skyscraper---animated-PA-spring-conference.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.moneyage.co.uk/assetmanagementawards/entry_form.php" ALT="AWARDS"><img src="https://www.pensionsage.com/pa/../../pa/images/WAMA25_ofe_120x600 static.jpg" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> </div>  </div>  </section>   <IMG SRC="https://ad.doubleclick.net/ddm/trackimp/N830975.140386PENSIONSAGE/B31943960.394421751;dc_trk_aid=585717056;dc_trk_cid=214703612;ord=1732678657;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?" attributionsrc BORDER="0" HEIGHT="1" WIDTH="1" ALT="Advertisement"> <div class="container"> <div class="card" style="margin-top: 70px"> <div class="card-body"> <div id="fillme"></div> </div> </div> </div>  <div class="text-center cookiealert" role="alert"> We use cookies to ensure you get the best experience on our website. I confirm I am an institutional investor. <a href="http://www.perspectivepublishing.com/privacy_policy.html" target="_blank" style="color: #3fd600;">Learn More</a> <button type="button" class="btn btn-sm acceptcookies"> Accept </button> </div>    <script src="/pa/bootstrap/js/cookiealert.js"></script>  <div id="copyrights">  <div class="container">  <div class="copyright"> © 2019 Perspective Publishing     <a style="color:white;" href="http://www.perspectivepublishing.com/privacy_policy.html">Privacy & Cookies</a></div>   <div class="footer-social-icons"> <ul> <li> <a href="https://www.twitter.com/pensionsage" class="twitter"><i class="fa-brands fa-square-x-twitter"></i></a> </li> </ul> </div>  </div>  </div>  </div>   <script src="/pa/bootstrap/js/jquery-3.1.1.min.js"></script> <script src="/pa/bootstrap/js/bootstrap.min.js"></script> <script src="/pa/bootstrap/js/jquery-ui.min.js"></script> <script src="/pa/bootstrap/js/plugins.js"></script>  <script src="/pa/bootstrap/js/functions.js?ver=1"></script> </body> </html>

CINXE.COM

Trustees shouldn’t forget 'bigger picture' before considering details of DB Funding Code - Pensions Age Magazine