Covenant and the new Funding Code

The long wait is nearly over – but are you actually ready? The Pension Regulator’s revised Defined Benefit Funding Code of Practice is due to be published this summer, applicable for schemes with valuations from September 2024. Updated covenant guidance will also be published, setting out how TPR expects trustees to assess the information to be provided (by law) in the new Statement of Strategy. Do you know how to calculate your period of covenant reliability, or your covenant longevity? Or why these metrics now matter so much? Understanding the Funding Code will be key to setting the right strategy for your scheme and complying with the updated Funding and Investment Strategy Regulations published earlier this year. Hear from Cardano’s Emily Goodridge, Chris Heritage and Cal Bellairs-Taylor on the latest developments, and the practical steps to take now to prepare.