UK - New funding regulations for defined benefit pension schemes have gone to Parliament, the Pensions Regulator says.

The Department for Work and Pensions regulations – which replace the old Minimum Funding Requirement – come into force on December 30. They will be available on the website of the Office of Public Sector Information (http://www.opsi.gov.uk/) within the next few days.

And the regulator's code of practice, which gives guidance on the scheme funding requirements, will also be “laid before” Parliament shortly.

The government said the new rules would ensure that scheme members are kept updated about their scheme's financial position. And trustees will have to have recovery plans in place to address any funding shortfalls as well as obtain regular actuarial valuations and have a clear statement of funding principles.

"These new regulations will ensure not only that members have important information about the financial health of their scheme, but that a clear recovery plan will be in place in the event of any shortfalls,” said pensions minister Stephen Timms.

"I believe this will help build confidence in pension funds. Key to our reforms has been to put information in the hands of scheme members, ensuring that they know what is happening with their pension. These regulations underpin this.”

“The new provisions are a considerable improvement on the current rules and will allow pension schemes to develop an appropriate funding basis for their particular circumstances."