UK - The Association of Consulting Actuaries (ACA) has welcomed the Government's move to replace the minimum funding requirement (MFR) with an interim package of draft regulations. Since March, when intentions to abolish MFR were first announced, concerns mounted that pension scheme sponsors were being caused serious problems "living with a broken yardstick that could take up to three years to replace," said ACA.
The new proposals extend the transitional period from April 2002 to December 2004, by which time it is hoped that the MFR replacement will be in place. But the association added that new time limit...
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