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New DB funding regime - Covenant action list for trustees

Pensions & benefits

Check your covenant support stands up in the new regime

In December 2022, The Pensions Regulator (TPR) published its draft Code of Practice on DB funding. This is the biggest shake up in DB pension scheme strategy for almost 20 years and there is a lot for trustees and also employers to consider.

Here we have focused on the covenant-related aspects of the new regime because it’s clear that for many trustees a much greater focus on covenant strength will be required, including taking a more in-depth view of an employer’s future prospects.

Other resources which would be of interest to trustees are: