Pension draft codes under fire

First Actuarial believes the draft could lull members of final salary pension schemes into a false sense of security over the safety of their schemes. Moreover, the firm believes the draft code provides employers with an ability to introduce an inadequate funding level by the "back door". The consultation period with the industry for the new code ended on Friday and relates to new scheme funding requirements, the statutory funding objective which replace the minimum funding requirement (MFR) in September. New rules require trustees to stipulate how to meet the statutory funding objec...