Fast track or bespoke
Which approach to scheme funding is right for you?
The Pensions Regulator's (TPR) long awaited consultation on a revised defined benefit (DB) funding code has arrived. The first of a two-part consultation sets out what the Regulator expects from trustees and employers. It is vital you understand what this means for you and your members.
Simply put, the consultation proposes TPR’s new ‘fast track’ approach to scheme funding, a prescriptive route whereby trustees can be confident that funding valuations will meet the Regulator’s seal of approval. Trustees are not required to follow the ‘fast track’ route, but if not they will be required to take the ‘bespoke’ approach, The bespoke route gives greater flexibility but trustees will be required to provide the Regulator with detailed information to justify where their approach to scheme funding differs from the fast track route.
It’s a question you have to answer – so let us help. Fast Track Indicator is our easy-to-use tool offering you a quick and simple assessment based on your current strategy and the specific circumstances of your DB scheme. By answering just five questions relating to your scheme, you will have a better idea of whether your current strategy would enable you take the fast track route.
Use of Fast Track Indicator is intended to provide approximated insight only and is not to be construed as professional actuarial or funding advice. For consultation, please speak to a member of our team. Barnett Waddingham accepts no liability for the use of this tool.Click here to use the Fast Track Tool