UK - The Pension Research Accountants Group (PRAG) has overwhelmingly rejected a proposal by the Accounting Standards Board (ASB) to force pension schemes to recognise their actuarial liability to pay pensions in the future.
Young said he advocated a "back to basics" approach to accounting and questioned whether it was the job of the accounting profession to "interfere in economic modelling".
If the proposal was accepted, Fazal warned, it would cause confusion and lead to several different actuarial valuations being used for employer financial reporting, pension scheme financial reporting, and the purposes of funding the scheme.
In a vote following the debate, the meeting was "unanimous" in rejecting the proposal.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.