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&#39Myners does not go far enough&#39

Interim proposals from the Myners Review into institutional investment for def ined-benefit pension schemes do not go far enough, according to experts.

Gartmore chairman and chief executive Paul Myn ers is making a number of key recommendations, inc luding the abolition of the minimum funding requirement for DB occupational plans. He says the assump-tions made under the MFR may be inappropriate to the circumstances of individual schemes or employers.

Myners suggests scheme trustees should be encouraged to disclose inv estment strategy and assumptions, making det ails available to scheme members through the internet.

He also proposes that pension plan trustees should publish a plain English statement outlining the value of assets and assumptions used to determine plan liabilities.

Association of Consult ing Actuaries pension scheme committee chairman Helen James believes the proposals do not go far enough.

She says: “The ACA sees attractions in extending governance principles to funding as well as investment. However, we believe there should be disclosure of the wind-up solvency position as well as the long-term funding position.”

Scottish Equitable pensions development director Stewart Ritchie says: “I agree with much of the analysis but I do not agree with the removal of the MFR underpin for funding assumptions.”


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