MFR fails to limit fraud

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By Mohamed Ali Bernat The Minimum Funding Requirement (MFR) has done little to protect pension sche...

By Mohamed Ali Bernat The Minimum Funding Requirement (MFR) has done little to protect pension scheme members from fraud, according to Paul Myners. In recommending the abolition of the MFR, Myners said existing fraud compensation arrangements should be extended to more adequately cover the cost of securing members' rights, to separate custody of assets from employers and to foster a regime of transparency and openness. Fraud was one of the original concerns behind pension legislation post-Robert Maxwell but this has not been addressed by the MFR, Myners said. He added that the MFR did...

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