DB funding code of practice
DB funding code of practice (PDF, 630kB, 102 pages)
Code in force: 12 November 2024.
Contains the full text of the DB funding code of practice.
This code of practice applies to activities related to valuations with effective dates on and after 22 September 2024. For activities related to valuations with effective dates before 22 September 2024, refer to the 2014 DB funding code (PDF, 401kb, 51 pages).
Introduction
Introduction to the defined benefit (DB) funding code of practice, including the status of code and description of terms used.
The funding regime
An overview of the funding regime, including requirements to set a funding and investment strategy and carry out actuarial valuations.
Long term planning
Guidance and expectations on how to set a funding and investment strategy and record this and supplementary matters in a statement of strategy.
Application
Guidance and expectations of how trustees should approach aspects of their valuations and how the elements in the long-term planning section should be integrated into their funding solutions.
Open schemes
A summary of guidance specific for open schemes, and signposts where this can be found in the code. This is an additional resource for those involved with open schemes.
Reporting and inter-valuation requirements by documentation type
Reporting and inter-valuation requirements by documentation type including the funding and investment strategy, statement of strategy and actuarial valuation.