Scheme funding – consultation published


It has been a long time coming but we now have the Government’s thinking on life after the minimum funding requirement (MFR). It will be replaced by a Statutory Funding Objective (SFO), which is designed to reflect the funding standard under the EC Pensions Directive. Whilst the scheme funding process is contained in the Pensions Act 2004, much of the detail was left to Regulations and to a Code of Practice to be issued by the Pensions Regulator. Here we take an overview of these recently published draft documents.

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