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MFR to be reformed

The Chancellor of the Exchequer Gordon Brown has announced the reform of the minimum funding requirement for pension funds.

The move has been made on the recommendation of fund manager Paul Myners who has been conducting a review of institutional funding.

It will be welcomed by the UK corporate pensions which have been struggling to match their assets to the MFR due to the shortage of long term Government debt because of the low level of Government borrowing.

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