US - The introduction of new pension funding rules, part of changes in the Pension Protection Act (PPA) 2006, has been put back to 1 January 2009.
Section 430 specifies the minimum funding requirements that apply to single employer pension plans. Section 436 sets forth a series of limitation on the accrual and payment of benefits under an unfunded plan.
The government offices announced that none of the proposed funding regulations would be effective before the first plan year beginning on or after 1 January 2009, although employers can rely on these regulations during 2008.
For plan years beginning before 1 January 2009, employers have been told they can generally rely on a reasonable interpretation of the funding rules in the statute and may rely on the proposed regulations for this purpose.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers