A decision by The Pensions Regulator (TPR) to avoid retrospectively changing pension scheme valuations based on longevity improvements has been welcomed.
The National Association of Pension Funds (NAPF) says the move could have proven costly to trustees who had already begun work on funding plans. Originally TPR planned to apply new life expectancy assumptions for valuations due from March 2007. But last week TPR announced changes will not apply until the beginning of the next defined benefit scheme valuation cycle starting in September this year. Nigel Peaple, NAPF director of policy, says: “We welcome the decision to avoid the retrospective application of changes to the Regulator's expectations in this area. “It would have been costly ...
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