The National Association Pension Funds (NAPF) has welcomed the latest statement from the Pension Regulator on the new scheme funding regime for defined benefit pensions.

NAPF chief executive Christine Farnish said, Today’s report shows that the Regulator has listened to feedback and is alive to the need to strike the right balance between security for scheme members and affordability to sponsoring employers.

The NAPF said it was particularly pleased to see that references to ‘full buy out’ have been removed from the approach now taken, and that the regulator has made clear that triggers are mechanisms to help prioritize the caseload rather than hard targets.

The NAPF also welcomed the fact that the specific needs of schemes sponsored by non-profit organizations and price regulated industries have been accommodated.