| Commentary

103 Scheme funding

| Commentary

103 Scheme funding

Before the Pensions Act 2004 came into force, trustees of most private sector defined benefit pension schemes were required to arrange funding in line with the minimum funding requirement1. The Pensions Act 2004 replaced the minimum funding requirement with scheme-specific funding requirements2. Instead of having to fund to a common funding measure, a scheme will have to meet a statutory funding objective which requires it to have sufficient and appropriate assets to cover its ‘technical provisions’3. While the trustees of a scheme retain the overall responsibility for funding decisions, they are required to work in partnership with

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