MFR requirement

Trustees of defined benefit schemes will have to comply with the minimum fund requirement (MFR) for several more years even though it is on its way out. While the Chancellor said he would adopt the recommendations of the Myners Report to scrap MFR, until the Government enacts the relevant legislation, the MFR remains in place. If a scheme is found to be less than 90% funded today it has 12 months to return to 90% but a transitionary arrangement actually gives it to 5 April 2003. To get to 100% funded the transitionary arrangement ends in 5 April 2007. Stewart Ritchie, pensions directo...