Opra cannot suspend the MFR rule

Pensions regulator Opra has affirmed that occupational schemes must still comply with existing minimum funding requirements (MFR) despite declines in world markets. Declines since September had led to speculation that the regulator may suspend MFR for final salary schemes, however, Opra does not have the power to do so. Schemes have until April 2003 to get 90% funding on the MFR basis and until April 2007 to get 100% funding. The regulations allow sponsoring employers to apply to Opra for an extension to the normal time allowed for making up a MFR shortfall. Still, the regulator can on...