UK - FRS17 is having the "unintended and dangerous effect" of forcing pension scheme trustees to take a short-term view, Merrill Lynch Investment Managers fears.
The fund manager said that rather than focusing on the long-term nature of scheme liabilities and the pooling of risk, FRS17 deficits were compelling trustees to focus on less volatile, lower growth assets such as bonds.
MLIM head of institutional marketing Andrew Dyson said: “People know that equities offer the highest expected pension in the long run, so why is it that corporate pension funds are looking away from equities?
“The laudable transparency resulting from FRS17 may also be having the unintended and dangerous effect of focusing attention on the short-term when, in pensions, it’s the long-term that matters.”
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