Matters
- Consider actuarial maturity and low dependency investment in funding strategy Trustee
UK Statutory Instrument
2024
United Kingdom
The Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024
These Regulations make provision relating to the funding of occupational pension schemes to which Part 3 of the Pensions Act 2004 (c. 35) (scheme funding) applies. They implement the amendments to that Part made by Schedule 10 to the Pension Schemes Act 2021 (c. 1) (funding of defined benefit schemes).
At a glance
Enforced by
What's here
2 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trustee 2
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Trustees also bound by 100 other Acts (top 5 shown)
- The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 2022 37 duties
- Charities Act 2011 2011 26 duties
- The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 2013 26 duties
- Insolvency (England and Wales) Rules 2016 2016 21 duties
- The Pensions (Northern Ireland) Order 2005 2005 20 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 19 other Schedules — structural / supplementary
Principles
Minimum requirement on and after the relevant date
Risk in relation to calculation of liabilities on journey plan
Liquidity
For the purposes of section 221B(2)(d) of the Act, the...
Liquidity
Employer covenant
How long it is reasonable to rely on this assessment....
General
Confirmation that the trustees or managers have consulted the employer...
Any comments that the employer in relation to the scheme...
Actuarial valuation and recovery plan
If a recovery plan has been prepared or revised in...
Maturity
Where, in accordance with regulation 4(5), the trustees or managers...
For a scheme which has not reached the relevant date,...
Investment risk
For a scheme which has not reached the relevant date—...
For a scheme which has reached the relevant date, how...
Actuarial methods and assumptions for purposes of funding level
- Use accrued benefits funding method and low dependency basis for funding level Trustee
Browse 19 other sections — procedural / definitional / commencement
Citation, commencement and extent
Interpretation
Review of these Regulations
Scheme maturity
Low dependency investment allocation
Low dependency funding basis
Strength of the employer covenant
Relevant date
Consistency of assumptions
Matters and principles
Funding and investment strategy – level of detail
Determination, review and revision of funding and investment strategy
Supplementary matters
Review and revision of Part 2 of a scheme’s statement of strategy
Requirements for chair of trustees
Part 2 of a scheme’s statement of strategy – level of detail
Form of statement of strategy
Statement of strategy to the Regulator
Amendments to the Occupational Pension Schemes (Scheme Funding) Regulations 2005
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Annual Funding Statement 2025 (opens in a new tab) from TPR Detailed Guidance
- Identifying employers and assessing their legal obligations to the scheme (opens in a new tab) from TPR Detailed Guidance
- Interim response to the statement of strategy consultation (opens in a new tab) from TPR Detailed Guidance
- Example statement of strategy (opens in a new tab) from TPR Detailed Guidance
- The funding regime (opens in a new tab) from TPR Code of Practice
- Relevant date and significant maturity (opens in a new tab) from TPR Code of Practice
- Employer covenant (opens in a new tab) from TPR Code of Practice
- Introduction to funding defined benefits (opens in a new tab) from TPR Code of Practice
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
The Pensions Regulator
Regulates workplace pensions, defined benefit schemes, and master trusts. All employers must auto-enrol eligible workers into a workplace pension. Enforces employer duties …
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Browse legislation
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Regulators
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