UK - Consulting actuaries Punter Southall has launched of a series of seminars aimed at helping trustees and pension managers better understand FRS17, the new UK accounting standard which is intended to provide clearer disclosure in relation to retirement benefits in company reports.
The seminars, which will be run by Punter Southall in Birmingham, Edinburgh, Guildford and London, have been prompted by growing concern over the potential impact of FRS17; although the standard does not come into full effect until 2003, several companies have already blamed it for the closure of their final salary pension schemes.
The Punter Southall seminars will provide attendees with greater understanding of FRS17 by helping them to assess how FRS17 may affect published corporate accounts; and to separate the accounting standard issues from the funding issues for pension schemes. As part of this, participants will receive guidance on how to handle member queries about FRS17 and how to assess the consequences of any possible pension fund shortfall revealed under the new rules.
Andrew MacRae, principal at Punter Southall, said: Companies are reacting to FRS17 and, as a result, trustees and other individuals are having to address proposals from sponsoring employers as well as employees’ queries on the implementation of FRS17. The objective of our seminars is to equip key players with the necessary understanding of the new standard in order to deal with these issues as efficiently as possible.
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