The Financial Reporting Council (FRC) has found weaknesses in nearly half of the audit work relating to pension valuations and disclosures it inspected over the past financial year.
In its audit of defined benefit pension obligations report, published on 26 July, the watchdog said it had looked at the audit quality of pension balances and related disclosures in 51 of its inspections...
Pension schemes have been “shoehorned” into valuing liabilities against gilts, creating a “herd mentality” that does not reflect scheme funding accurately, says PwC.
As over 1,000 DB schemes seek to agree a valuation amid the crisis, Hope William-Smith looks at the considerations.
Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.
Defined benefit (DB) scheme members with weaker employers face a 50% chance of a cut in benefits due to sponsor insolvency, according to Hymans Robertson.
Mercer has launched a defined benefit (DB) master trust in a bid to offer a “best-in-class solution” that recognises the shrinking universe.