UK - The government's pension reforms will need backdating if they are to achieve real simplification, the Faculty and Institute of Actuaries claims.
Chairman of the institute’s pension board, Ronnie Bowie, said pension funds would face an extra layer of pension benefits and even more complexity unless retrospective changes were made.
Bowie added: “To get the real benefit pension funds have to go through the one-off cost of simplifying everything in the past.”
He continued: “The Department for Work and Pensions is very keen to get the ‘grit’ out of the system and we are happy to help it.”
Other actuaries warned that the restructuring would create a massive amount of work for the profession.
PricewaterhouseCoopers actuary Peter Tompkins said: “Over the next 15 months there will essentially be quite a lot of work as people work out whether they should be doing things before or after the changes – as is always the case with consultancy.”
The consultation on the pensions Green Paper lasts until March 28.
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