Member

Various noble Lords asked how TPR will monitor the effectiveness of the code. Obviously, codes are meant to be longer term, but the regulator will absolutely monitor its effectiveness, primarily through engagement with pension schemes. The DWP, alongside the regulator, will monitor how the funding and investment approaches of the schemes develop in response to the new code and the legislative framework. At the very least, funding and investment regulations will be required every five years. The code will be reviewed and revised as appropriate and we will keep it under review. In the end, the code is practical guidance for the regulations.