US - Mercer has called on the Financial Accounting Standards Board (FASB) to delay the introduction of changes to pension fund reporting and disclosure requirements.
The actuaries also raised a number of amendments to the FASB proposals, designed to make reporting less onerous, saying "the proposal is a good initial step, but we believe certain aspects should be adjusted in order to provide the most useful information in a cost-efficient manner".
They called for the way employers assessed the "significance of risk" to be defined by the plan sponsor's overall financial position, rather than the plan's assets.
This would allow employers to view risk in terms relative to the total operations rather than the plan's assets.
Verlautz and Kra also proposed changes to reduce some of the burden of disclosure, which they said may not provide "cost-effective, useful information".
These changes included scrapping plans to segregate assets into highly detailed categories and allowing companies to decide their own risk significance without complex rules and tests.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.