Application

1. In the long-term planning section of this code, we set out our expectations of trustees in relation to their funding and investment strategy, and statement of strategy. In this part of the code, we set out our expectations of how trustees should approach other aspects of their valuations and how the elements in the long-term planning section should be integrated into their funding solutions.
2. Many of our expectations across these areas are linked and overlap. Where there is overlap, we have not repeated our expectations but referenced the relevant sections in other parts of this code.
3. The valuations section of the code covers:
   • technical provisions
   • recovery plans
   • investment, risk management and liquidity