Part 1 Amendments of Part 3 of the Pensions Act 2004
Pension Schemes Act 2021 (2021 c 1) | Legislation

SCHEDULE 10 Funding of Defined Benefit Schemes

Section 123

Part 1 Amendments of Part 3 of the Pensions Act 2004

1

Part 3 of the Pensions Act 2004 (scheme funding) is amended as follows.

2

Before section 222 insert—

“221A Funding and investment strategy

(1)     The trustees or managers must determine, and from time to time review and if necessary revise, a strategy for ensuring that pensions and other benefits under the scheme can be provided over the long term.

This is referred to in this Part as a “funding and investment strategyâ€.

(2)     The strategy must, in particular, specify—

(a)     the funding level the trustees or managers intend the scheme to have achieved as at the relevant date or relevant dates, and

(b)     the investments the trustees or managers intend the scheme to hold on the relevant date or relevant dates.

(3)     In subsection (2)—

(a)     “funding level†means the ratio of the scheme's assets to its liabilities;

(b)     “relevant date†means a date determined in accordance with regulations.

(4)     Provision may be made by regulations—

(a)     requiring the trustees or managers of a scheme, in determining or revising a funding and investment strategy,

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