United Kingdom | Publication | December 2024
The Pension Protection Fund, Office for National Statistics, and the Pensions Regulator have collaboratively published a statement addressing discrepancies in DB pension scheme funding data.
The initiative was prompted by a recommendation from the DWP’s Work and Pensions Committee and aims to clarify the different approaches to data collection and processing from each organisation.
The statement highlights recent methodological changes implemented by the PPF and the Regulator in calculating scheme funding data. The hope is that coordinated efforts will yield greater alignment in future data sets, enhancing the consistency and reliability of DB pension scheme funding information for industry stakeholders and policymakers.
Separately, the Pensions Administration Standards Association has published guidance on data scoring and the PPF’s Purple Book for 2024 collating DB scheme data was published in December 2024.
Publication
The Regulator has provided a link to its dashboard webinar held on November 26, 2024, which it urges scheme trustees to watch. The Money and Pensions Service also collaborated with the Pensions Dashboard Programme to host a “town hall” dashboard event on December 2, 2024.
Publication
The new DB scheme funding code came into force on November 12, 2024, and the Regulator has now published the final part of the new funding regime framework: updated employer covenant guidance for trustees.
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