UK - Changes to the valuation assumptions used for pension scheme valuations under section 143 and section 179 of the Pensions Act 2004 have been confirmed by the Pension Protection Fund.
The changes to the s143 and s179 assumptions are:
• Mortality - PCMA00 (for males) and PCFA00 (for females), in each case with the medium cohort mortality improvement rates, and with a 1% floor to the annual improvements.
• Discount rates - to increase all existing rates by 0.3%. This is at the high end of the spectrum of discount rate assumptions adopted by insurers.
The new assumptions will take effect from Monday and the PPF plans to publish a detailed consideration of the responses in April.
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