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ACCA opposes reform proposals for final salary scheme accounting

The Association of Chartered Certified Accountants has dismissed some of the proposed reforms to final salary pension scheme accounting principles as unnecessary.

ACCA expressed surprise that an Accountancy Standards Board discussion paper put forward the &#39immediate recognition option&#39 in the critical area of actuarial gains and losses.

ACCA believes that gains and losses should be spread throughout the life of the pension fund.

ACCA&#39s financial reporting committee chairman Brian Rutherford says: &#34This option was not supported in the UK last time around nor is it in line with the international standard.&#34

ACCA also believes that the ASB should wait for guidance from actuaries before finalising its position on discount rates.


PASS helps small IFAs on transfer cases

The Pension Advisers Support System review is launching a loss assessment service for small IFAs.The service will provide practical advice to IFAs which have difficulty in calculating the loss implications of transfer cases.It will address losses arising from opt-outs and non-joiners at a later date.PASS chief executive Mark Penton says: &#34The launch of the Loss […]

Midshires members to get £1,250 average windfall

Long-standing Birmingham Midshires members will receive an average windfall of £1,250 according to the Halifax.Birmingham Midshires chief executive Ian Kerr says that the aim of the scheme is produce a fair scheme which rewards member and customer loyalty.The building society is distributing £750m amongst members.


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