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...
The 4% rule of thumb often used to define a sustainable approach for drawdown in retirement is no longer fit for purpose due to prevailing and sustained market conditions, says Lane Clark & Peacock (LCP).
Pension scheme members could be owed as much as £25,000 in back payments from GMP equalisation, according to research by XPS Pensions.
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.