Buck’s Sarah Brown and Andrew Horner argue there should be a transparent relationship between covenant, funding and investment strategy ahead of the Pensions Regulator’s second consultation on its new code of practice on defined benefit scheme funding.

From the blog: Ten years on from the financial crisis, we are only now seeing the full implications for pensions. It seems a bleak picture. With gilt yields remaining at historic lows, many schemes have seen deficits and contribution requirements balloon.

High profile failures have been a key theme of recent times and have led to even more questions about the state of pensions.

Although the financial crisis can be blamed for some of the issues we face, are pension scheme members actually suffering because of these changes?