UK - The announcement the Pensions Regulator (TPR) could use mortality assumptions made in pension scheme evaluations as 'triggers' has been met with a cautious welcome.
TPR said it would consult with the industry before making a ruling on this issue, which was welcomed by consultants.
Graeme Muir, partner, Barnett Waddingham, told Global Pensions: "Mortality rates vary widely across the country and are affected by social and economic differences.
"TPR must take this into account when assessing whether or not a pension fund has used the most recent mortality table as this might not have been an appropriate model for its members."
He concluded: "TPR would have to look into the specifics of each scheme before deciding whether they have correctly calculated mortality assumptions."
Martin Lowes, pensions consultant, Hewitt Associates, said: "We support in principle TPR's intention to operate an additional trigger - a series of tests - relating to assumed improvements in longevity, although we would warn TPR against tying itself and pension scheme trustees up in red tape by introducing any more triggers."
TPR is expected to make further announcements on the issue next week.
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