UK - The National Association of Pension Funds (NAPF) said the government seems to have ignored many of its suggestions on the Myners' report which it put forward on behalf of its members.
The NAPF praised of many of the proposals set out in the original Myners’ report and submitted its own practical proposals designed to make them more workable.
“We will be examining the Government’s full response in detail, and will write to our members with our comments in due course,” said NAPF chairman Peter Thompson.
Last month, the NAPF hailed the governments plans for reform of the Minimum Funding Requirement and pledged it would play a positive role in the work of the government’s new consultation panel, intended to develop detailed policy for legislation.
Thompson added that the government’s latest proposals extend the period in which scheme funding must be made good, remove the requirement for annual recertification of fully funded schemes, and introduce new arrangements for employers wishing voluntarily to wind a scheme up.
“Our aim will be to help develop a detailed basis for primary legislation, which we will be pressing the government to introduce as soon as is practicable,” he added.
The NAPF also welcomed the government’s decision to put on ice Myners’ proposal to change the structure of brokers’ fees paid by pension funds.
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