From The Pensions Regulator:
The Pensions Regulator today announced that, having listened to responses to its longevity consultation, it has decided to delay the introduction of changes to the way longevity is treated in the scheme funding regime.
Changes will not now apply until the beginning of the next defined benefit scheme valuation cycle starting in September 2008. This will impact valuations, and follow-up recovery plans that must be submitted to the regulator by schemes in deficit, due from December 2009.
The regulator issued a consultation in February this year seeking views on how it expects pension schemes to take account of future improvements on longevity. This had suggested introducing changes applying to valuations due from March 2007.
Commenting on the change, David Norgrove, chairman of the regulator, said:
More than 80 responses were received as…