PPF consults on valuation assumptions
UK - The Pension Protection Fund (PPF) is considering changing valuation assumptions for pension schemes, to bring them in line with pricing in the buyout market.
The PPF, which is responsible for keeping the assumptions used for pension scheme valuations under section 143 and section 179 of the Pensions Act 2004 in line with pricing in the buy-out market, said it would consult on the changes ahead of their introduction on 31 March 2008.
It said it was considering making the changes in the light of recent developments and the expansion of the buyout market.
"The changes may result in fewer schemes entering the PPF because valuations based on the proposed new assumptions may mean they are able to pay benefits greater than PPF levels of compensation," the PPF said in a statement.
The last time the PPF changed these assumptions was in September 2006. The consultation period is open until 14 March.
It said it was considering making the changes in the light of recent developments and the expansion of the buyout market.
"The changes may result in fewer schemes entering the PPF because valuations based on the proposed new assumptions may mean they are able to pay benefits greater than PPF levels of compensation," the PPF said in a statement.
The last time the PPF changed these assumptions was in September 2006. The consultation period is open until 14 March.
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