From The Pensions Regulator:
The Pensions Regulator today published
The regulator announced earlier this summer that, in response to feedback from the industry, it was deferring the introduction of its new approach. Today’s full response:
Announcing the approach, Pensions Regulator chairman David Norgrove said: “Our consultation has sparked a lively and much-needed debate on the impact of longevity on pension scheme funding. We have listened with interest and taken on board the responses to our consultation.
“Nobody is disputing the evidence on continuing mortality improvements – people are living longer and this will impact upon pension scheme costs. Despite some of the headlines, our focus is on achieving clarity over how pension schemes recognise the accrued costs of their existing liabilities – and not about identifying new costs or imposing new duties….