The current economic crisis is providing a crunch test for the new regulatory structure for occupational pensions put in place from April 2005. The crunch issue for funded occupational pension schemes is how much they are going to cost, and how much advanced funding should be provided. In the UK, having developed a system with no statutory funding requirements up to 1997, and then tried out a modified system based on a minimum funding requirement (the MFR, fixed at the same prescribed level for every relevant scheme) from 1997 to 2005, the Government (and Parliament) lurched forward in the Pensions Act 2004 to set up a new system.
May 20, 2009 at 10:08 PM
1 minute read
The original version of this story was published on Legalweek
The new regulatory regime for occupational pensions is being put to the test by the recession. David Pollard and Charles Magoffin look at what the future holds for this recently introduced legislation
The current economic crisis is providing a crunch test for the new regulatory structure for occupational pensions put in place from April 2005. The crunch issue for funded occupational pension schemes is how much they are going to cost, and how much advanced funding should be provided.
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