UK - NAPF CONFERENCE: The pensions industry needs a single, standard basis for calculating debt, according to Hazell Carr Pensions Consulting.
Director Kenneth Donaldson told delegates that relying on individual scheme funding standards is “untenable”.
He said: “I cannot help but think of defined benefit occupational pension schemes as little mutual insurance companies, and, as such, they should be subject to insurance company-type insolvency standards.”
Donaldson said the industry must work towards a solvency standard more akin to the one that underpins the European insurance legislation.
“It should be based on gilts and bonds but with freedom to take a more aggressive position. There should be sensible allowance for expenses, but no allowance for profit margin.”
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