The Pensions Regulator's (TPR) latest defined benefit (DB) code of practice comes into force today.

The code provides practical guidance to trustees on how they can comply with the legal requirement of pensions regulation and emphasises the important of trustees and employers working together to reach a mutually satisfactory funding plan, TPR said.

The regulator also said that the code fully embeds its new statutory objective to minimise and adverse impact on the sustainable growth of an employer.

Geoff Cruickshank, TPR interim executive director for DB regulation, said: "From today, we expect trustees and employers to take the new code into account.

"Our case teams have undergone a programme of training to ensure the code is applied consistently between cases with similar facts, and we want to continue speaking to the pensions sector throughout the autumn to hear about their experiences."

To mark the code coming into effect, TPR updated the DB materials on its website, so that trustees, employers and their advisers can quickly find information and guidance on all aspects of the scheme funding and governance.

Cruickshank said: "We're very keen to learn more about how trustees and employers sponsors are using the code – what works, and what may nee further clarification, for example through further guidance or learning tools."

Later this year, the regulator's DB team will host a series of roadshows with trustees, employers and adviser to help them embed the principles of balance and collaboration into their funding discussions, TPR said.

First published 29.07.2014

mnique_simpson@wilmington.co.uk