The Pensions Regulator has published an employer guide on complying with its code of practice for funding defined benefit (DB) schemes, emphasising the importance of a collaborative approach.
The guide stresses the importance of strong communication between employers and trustees to ensure they understand each other's point of view in relation to funding schemes.
This comes a year after the code, which included the statutory objective to minimise the adverse impact of funding plans on the sustainable growth of the employer, took effect.
It encourages trustees and employers to work together in an "open and transparent way" to achieve funding agreements.
The regulator previously warned the majority of schemes with valuation dates in 2015 would need to consider increasing contribution rates and extending recovery periods due to significant falls in gilt yields.
TPR executive director for DB Stephen Soper said: "Employers carry a huge responsibility to pay promised benefits to members when they have a defined pension scheme to support.
"The DB funding code recognises that the best way to fulfil this responsibility is to encourage employers to invest wisely in their business and thrive, whilst working with trustees to balance this growth against the needs of the scheme.
"The new quick guide emphasises the benefits of trustees and employees working collaboratively together in an open and transparent way, understanding the long-term plans for the business and the pension scheme and managing the associated risks accordingly."
The guide can be downloaded here.
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