Specific scheme funding won't be fully implemented until 2009

The document comes two months before the Department for Work and Pensions (DWP) regulations to replace the minimum funding requirement (MFR) come into effect on 30 December 2005. Under transitional arrangements the MFR requirements will continue to apply to schemes until their next actuarial valuation, which usually occurs every three years, is due. Any scheme which has a valuation effective from 22 September 2005 but completed after 30 December will come under the new rules. As scheme trustees have up to 15 months to complete and obtain the first valuation under the new rules, this pote...