Report highlights risks and opportunities under new DB funding regime

<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="description" content="Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves"> <meta name="keywords" content="SPP, society of pension professionals, Defined benefit, DB, pension, TPR, DB Funding Code,"> <meta name="author" content="Sophie Smith"> <meta property="og:title" content="Report highlights risks and opportunities under new DB funding regime" /> <meta property="og:type" content="article" /> <meta property="og:description" content="Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves" /> <meta property="og:site_name" content="Pensions Age Magazine" /> <meta property="og:locale" content="en_GB" /> <meta property="article:author" content="Sophie Smith" /> <meta property="og:url" content="https://www.pensionsage.com/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.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="Report highlights risks and opportunities under new DB funding regime"> <meta name="twitter:description" content="Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves"> <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>Report highlights risks and opportunities under new DB funding regime - Pensions Age Magazine</title> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.pensionsage.com/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php" }, "headline": "Report highlights risks and opportunities under new DB funding regime", "image": [ "https://www.pensionsage.com/pa/images/2019-pension-tag-min.jpg" ], "datePublished": "2024-11-20T10:02:45+0000", "dateModified": "2024-11-20T12:24:35+0000", "author": { "@type": "Person", "name": "Sophie Smith" }, "publisher": { "@type": "NewsMediaOrganization", "name": "Pensions Age", "logo": { "@type": "ImageObject", "url": "https://www.pensionsage.com/pa/img/pensions-age-logo.jpg" } }, "description": "Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves" } </script>  <html itemscope itemtype="http://schema.org/Article">  <meta itemprop="name" content="Report highlights risks and opportunities under new DB funding regime"> <meta itemprop="description" content="Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves"> <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/industry-predicts-surge-in-pcst-appointments-in-2025.php"> 'Surge' in professional corporate sole trustee appointments expected</a></h4> </li> <li> <h4><a href="/pa/DC-master-trust-outocmes-improve-significantly-following-2022-volatility.php"> DC master trust member outcomes improve 'significantly' following 2022 volatility</a></h4> </li> <li> <h4><a href="/pa/Growth-in-pension-cyber-incident-report-impacts-ico-completion-times.php"> Growth in pension cyber incident reports ‘impacts ICO case completion times’</a></h4> </li> <li> <h4><a href="/pa/Advisers-play-crucial-role-in-retirement-planning-amid-changing-regulatory-landscape.php"> Advisers play ‘crucial role’ in retirement planning amid changing regulatory landscape</a></h4> </li> <li> <h4><a href="/pa/This-week-in-pensions-18-22-november-2024.php"> This week in pensions: 18-22 November 2024</a></h4> </li> <li> <h4><a href="/pa/news-in-brief-22-november-2024.php"> News in brief - 22 November 2024</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;"> Report highlights risks and opportunities under new DB funding regime </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 Sophie Smith</address> <time pubdate datetime="20/11/24" class="post-meta-date"> <i class="fa fa-calendar"></i>20/11/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>Pension professionals have been encouraged to ensure they understand the risks and opportunities the new defined benefit (DB) funding regime has created, rather than just being aware of the requirements themselves. <br /> <br /> With the <a href="https://pensionsage.com/pa/New-DB-Funding-Code-officially-comes-into-force.php">new DB Funding Code officially coming into effect earlier this month,</a> the Society of Pension Professionals published a new report identifying a number of opportunities and risks with the new code, as well as 'busting' various myths about the new funding regime.<br /> <br /> In particular, the SPP argued that avoiding the misconception that covenant doesn’t<br /> matter beyond low dependency is "essential". <br /> <br /> In addition to this, it cautioned against the idea that schemes with good funding levels and/or<br /> low funding and investment risk don’t need to look at covenant at all. <br /> <br /> Whilst the SPP acknowledged that the specific wording in the code could potentially set a low bar for covenant assessment in such circumstances, it argued that the code is "clear" that trustees will need to carry out a fuller assessment of the covenant and a more detailed analysis of the level of risk to allow for in the journey plan. <br /> <br /> Similarly, it pointed out that the Statement of Strategy requires trustees to confirm that “the strength of the employer covenant [is] adequate by reference to the actuarial valuation to which the funding and investments strategy relates”, which would be difficult to confirm without having done a proportionate level of analysis. <br /> <br /> Despite concerns that the funding code could lead to increased tension between the trustee and sponsor over the long-term objective, the SPP argued that the door is open to engage with employers on a longer-term plan. <br /> <br /> "The requirement to agree the Funding and Investment strategy with the employer should be seen as a helpful and important opportunity to engage with an employer on its longer-term plans for the scheme in the context of its own longer-term business strategy," it stated. <br /> <br /> "As a topic that an employer can sometimes seek to avoid discussing in detail for a variety of reasons e.g. focus on triennial valuation or lack of bandwidth to consider in the required level of detail within the business. This could be something to take advantage of."<br /> <br /> However, the paper also warned that simply meeting DB Funding Code requirements is not ‘job done’ when it comes to covenant, arguing that, at every stage, trustees should be considering not only “what do we need to submit to the Regulator to satisfy their need for information” but also “what analysis will contribute to decisions that lead to the best outcome for members.” <br /> <br /> "In some cases this might be one and the same, but in many cases there will be analysis that goes above and beyond the minimum regulatory requirements that will lead to improved member security," the SPP said.</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Report highlights risks and opportunities under new DB funding regime&url=https://pensionsage.com/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.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/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.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/PDP-shares-update-pensions-dashboards-reporting-standards-2024.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/Dashboardsconceptpic.jpg"></a></div> <div class="content"> <h3><a href="/pa/PDP-shares-update-pensions-dashboards-reporting-standards-2024.php?utm_source=jsrecent">PDP shares updated pensions dashboards reporting standards</a></h3> <div> <a href="/pa/PDP-shares-update-pensions-dashboards-reporting-standards-2024.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/fidelity-to-integrate-private-assets-in-new-LTAF.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/graphhomepage.jpg"></a></div> <div class="content"> <h3><a href="/pa/fidelity-to-integrate-private-assets-in-new-LTAF.php?utm_source=jsrecent">Fidelity to integrate private assets through new LTAF</a></h3> <div> <a href="/pa/fidelity-to-integrate-private-assets-in-new-LTAF.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/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-pension-tag-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php?utm_source=jsrecent">Report highlights risks and opportunities under new DB funding regime</a></h3> <div> <a href="/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.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">A time for fixed income</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/gsam-vide270x170.jpg" controls="" width="100%"><source src="/pa/jwplayer/Goldman_Sachs_Asset_Management_Interview.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">Francesca Fabrizi discusses fixed income trends and opportunities with Goldman Sachs Asset Management Head of UK Pensions Solutions, Fixed Income Portfolio Management, Henry Hughes, in our Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Purposeful run-on</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/280-170-Email-ISIO.jpg" controls="" width="100%"><source src="/pa/jwplayer/ISIO-PAvideoInterview.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 purposeful run-on for DB schemes with Isio director, actuarial and consulting, Matt Brown, in Pensions Age’s latest video interview<br /> <strong><a href="https://www.isio.com/outpacing-change/">Find out more about Purposeful Run On</a></strong></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/PDP-shares-update-pensions-dashboards-reporting-standards-2024.php"> <div class="mostreadnumbers">2</div> <p>PDP shares updated pensions dashboards reporting standards </p> </a></li> <li><a href="/pa/research-reveals-employees-risk-sleepwalking-into-retirement.php"> <div class="mostreadnumbers">3</div> <p>Workers risk 'sleepwalking' into retirement amid lack of contribution understanding</p> </a></li> <li><a href="/pa/Demand-for-dashboards-emphasise-importance-of-scalable-solutions.php"> <div class="mostreadnumbers">4</div> <p>Demand for dashboards emphasises 'importance' of scalable solutions </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/Investment-planning-influential-in-steering-DB-schemes-toward-risk-settlement.php"> <div class="mostreadnumbers">7</div> <p>Investment planning 'increasingly influential' in steering DB schemes towards risk settlement</p> </a></li> <li><a href="/pa/Aviva-launches-islamic-investment-strategy.php"> <div class="mostreadnumbers">8</div> <p>Aviva launches Shariah investment strategy</p> </a></li> <li><a href="/pa/Proposed-CDC-pension-legislation-risks-being-unduly-onerous-SPP.php"> <div class="mostreadnumbers">9</div> <p>Proposed CDC pension legislation risks being ‘unduly onerous’ – SPP</p> </a></li> <li><a href="/pa/Pension-professionals-urged-to-understand-risks-and-pportunities-of-new-funding-regime.php"> <div class="mostreadnumbers">10</div> <p>Report highlights risks and opportunities under new DB funding regime </p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab2"> <ul> <li><a href="/pa/This-week-in-pensions-18-22-november-2024.php"> <div class="mostreadnumbers">1</div> <p>This week in pensions: 18-22 November 2024</p> </a></li> <li><a href="/pa/Advisers-play-crucial-role-in-retirement-planning-amid-changing-regulatory-landscape.php"> <div class="mostreadnumbers">2</div> <p>Advisers play ‘crucial role’ in retirement planning amid changing regulatory landscape</p> </a></li> <li><a href="/pa/DC-master-trust-outocmes-improve-significantly-following-2022-volatility.php"> <div class="mostreadnumbers">3</div> <p>DC master trust member outcomes improve 'significantly' following 2022 volatility </p> </a></li> <li><a href="/pa/news-in-brief-22-november-2024.php"> <div class="mostreadnumbers">4</div> <p>News in brief - 22 November 2024</p> </a></li> <li><a href="/pa/Growth-in-pension-cyber-incident-report-impacts-ico-completion-times.php"> <div class="mostreadnumbers">5</div> <p>Growth in pension cyber incident reports ‘impacts ICO case completion times’</p> </a></li> <li><a href="/pa/industry-predicts-surge-in-pcst-appointments-in-2025.php"> <div class="mostreadnumbers">6</div> <p>'Surge' in professional corporate sole trustee appointments expected </p> </a></li> <li><a href="/pa/ICEV-calls-for-halt-to-unequal-voting-for-greater-investor-protection.php"> <div class="mostreadnumbers">7</div> <p>ICEV calls for halt to unequal voting for greater investor protection</p> </a></li> <li><a href="/pa/Liquid-alternatives-can-increase-pension-schemes-resilience-in-choppy-markets.php"> <div class="mostreadnumbers">8</div> <p>Liquid alternatives can increase pension schemes’ resilience in choppy markets </p> </a></li> <li><a href="/pa/Demographic-and-economic-changes-to-bring-greater-retirement-challenges-PPI-says.php"> <div class="mostreadnumbers">9</div> <p>Demographic and economic changes will bring greater retirement challenges, PPI says</p> </a></li> <li><a href="/pa/Irish-pensions-awards-winners-announced-2024.php"> <div class="mostreadnumbers">10</div> <p>Irish Pensions Awards 2024: Winners announced</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab3"> <ul> <li><a href="/jobs/Pensions-Project-Manager-22-11-2024.php"> <div class="mostreadnumbers">1</div> <p>Pensions Project Manager</p> </a></li> <li><a href="/jobs/Assistant-Trustee-Executive-22-11-2024.php"> <div class="mostreadnumbers">2</div> <p>Assistant Trustee Executive</p> </a></li> <li><a href="/jobs/DC-Pensions-Governance-15-11-2024-.php"> <div class="mostreadnumbers">3</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">4</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">5</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">6</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">7</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">8</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">9</div> <p>Senior Pensions Projects Administrator</p> </a></li> <li><a href="/jobs/Experienced-DB-Pensions-Administrator-01-11-2024-07-11-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">10</div> <p>Experienced DB Pensions 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=1732370387;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

Report highlights risks and opportunities under new DB funding regime - Pensions Age Magazine