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LCP calls for new actuarial approach for closed DB schemes

A new actuarial approach is required for closed defined benefit schemes because the approach used for open schemes is not suitable, say pensions professionals.

A poll of employers, pension managers and trustees by Lane Clark & Peacock showed concerns that the full buyout requirement on wind up announced on June 11 means pensions professionals must treat pension liabilities with extreme care.

LCP says schemes should adopt a cash flow based investment strategy that adjusts in response to how the member profile of a closed scheme alters over time.

LCP partner David Jones says: “Before the announcements of June 11 it was important to manage pension risks – now it has become essential. For closed schemes the new risks need to be clearly understood by both trustees and employers.”

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