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ACA calls for scrapping of MFR

The Association of Consulting Actuaries is joining calls for the scrapping of the minimum funding requirement on occupational pension schemes.

The ACA is recommending to the DSS and Treasury the replacement of the MFR with a statement of funding principles which would allow the employer and trustees to determine the funding plan appropriate to a particular scheme.

The Treasury would like to see a relaxation in the funding rules, brought in by the DSS after the Maxwell pensions scandal, but the DSS remains cautious about such a move.

The ACA submission to the Treasury says: “We do not believe the current MFR has added materially to the security of UK pension schemes.”

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