UK -The Pensions Regulator today announced timetable changes to the schedule for the scheme funding code of practice, in view of the Department for Pensions' announcement of the revised timetable for funding scheme regulations coming into effect on 30 December.
In a conference held today, the chairman for the Pensions Regulator, David Norgrove (pictured) confirmed that because of the delay the regulator will publish the funding defined benefits code of practise at the same time as the DWP regulations.
It hopes this will ensure it accurately reflects new regulations and allow earlier discussion and clarity about how it will regulate scheme funding.
The Pensions Regulator intends to publish its consultation document, describing how it will operate in relation to the new requirements and how it will use its powers, at the end of October 2005.
The new requirements will apply to valuations, made by the trustees of the funds, based on an effective date of 22 September 2005 onwards but completed after 30 December - providing them with an extra three months to complete valuations and put in place an updated schedule of contributions.
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