May 2023 pensions update

Partner Georgina Jones gives her monthly round-up of what’s been happening in the last few weeks.

“While developments have slowed a little for the time being, DB trustees should take a look at TPR’s 2023 funding statement. TPR notes that many schemes will be in a different funding position than they anticipated so should review where they are and adapt their long-term target where appropriate. Those who have yet to set a long-term funding target should do so as a priority. The statement also confirms that the current target for the new funding code and regulations to come into force is April 2024.

Otherwise, on the TPR front, we’re still awaiting news of changes to notifiable events and the publication of the general code. The latter is now expected by the end of June.”