US - The American Academy of Actuaries (AAA) has asked the Actuarial Standards Board to develop standards to consistently measure the economic value of public pension fund assets and liabilities.
The board of the AAA, reacting to a report by the body's Public Interest Committee, said the report unanimously determined disclosure of consistent measures for public pension plans was in the public interest.
The report by the Public Interest Committee was developed with information gained
through a public forum held in early September in Washington, D.C., along with written comments.
The AAA also said it would appoint a Public Plan Practices Task Force to explore issues relating to public pension plans. The main role of the task force will be to identify important issues and refer to the Public Interest Committee or other appropriate bodies.
Recently, the AAA argued in favour of raising the US retirement age to 67 as it estimated current Social Security funds would enter deficit by 2017 and be completely exhausted by 2041 unless steps were taken to boost funds or ease the burden on the retirement system. (globalpensions.com ; 5 August 2008)
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.