UK - Pensions board chairman Ronnie Bowie called for the new pensions regulator to adopt intelligent codes of practice.
Bowie urged the NPR to avoid a rules-based approach in favour of codes targeting schemes posing the greatest risk.
And the industry is still waiting to see how members of insolvent companies would fare.
He said: “The regulator will play a key role and – with the risk-based approach – is likely to call on actuaries to include a page at the back of reports outlining scheme stability.
“Actuaries would need to assess the volatility of scheme assets, how ambitious future growth was and a view on whether the employer was considered to be secure.”
He added: “At the moment real security for members comes from the employer – with FRS17 making levels of support much more transparent.
“Statements of funding principles will also lead to progress and have to be commended for introducing clarity on how companies support member security through investment strategies.”
But Bowie urged the government to stop “overselling” the Pensions Protection Fund as a guarantee of insurance.
He said: “It is wrong to suggest that members have rights under the PPF and it should be explained as a best endeavour method.
“The government is promoting it as a robust safety net but in reality it is a case of if things go wrong everyone else has a whip round to try to bail them out.”
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