TPR have provided an initial response to the DB Funding Code Consulation - from which:

- The Code is likely to be published in 2022

- TPR recognises some concern has been expressed as to how the twin track approach will be applied

- The second consultation will be likely be second half 2021.

TPR's press release includes:

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
    • enforcement
  • an impact assessment and supporting analysis

Pensions Age Comments:

Respondents also raised concerns that the bespoke route might be perceived as being "second-best" and that there could be a potential loss of flexibility through, for instance, the bespoke route being benchmarked against fast-track."

We will be providing further commentary on the consultation shortly.