The National Association of Pension Funds has attacked Chancellor Gordon Brown savings policies saying his recent budget has ensured the public will have a “long healthy and poor retirement”.
NAPF chairman Peter Thompson reiterated his call for FRS17 to be revised saying it distorts pension liabilities. Thompson is writing to the Financial Reporting Council voicing his concerns. He said FRS17 overstates the liabilities in pension schemes.
He also demanded an explanation as to why the UK accounting profession pushed ahead with introducing FRS17 when it is due to be superseded by an as yet unknown international standard.