*This article is from our Spring 2020 edition of Investment Perspectives*

Late last summer, our Investment Perspectives article ‘A journey plan towards the ultimate destination’ provided a ‘heads-up’ on the new, more prescriptive DB code of practice on scheme funding and what it meant for schemes’ investment strategies. At that time, I was heading off on summer holidays and the article provided a light-hearted analogy of setting a long term objective to planning a summer trip – for obvious reasons, planning the summer holiday this year feels less certain.

On 3 March 2020, TPR’s first consultation on the new, more directive funding code was released. This is the first of two planned consultations being run by the Regulator and focuses on their proposed approach, the principles of the new code and how these could be applied in practice. The new code is expected to come into force in 2021, with valuations submitted after that being subject to the revised code.

Read my full article on the new funding code where I cover:

• The key principles of the code
• What all this means for investment strategy
• Why maturity is important
• Investment risk considerations
• Potential next steps

Download here