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David Fairs believes there is now an opportunity to look at the funding and investment regime afresh but warns time is fast running out for a new regime to be put in place.
In the Society of Pension Professionals’ (SPP’s) first regular column for Professional Pensions, the organisation’s president takes a look at the revised defined benefit (DB) funding regime.
The draft funding and investment strategy regulations for defined benefit (DB) pension schemes are too prescriptive and not fit for purpose and will worsen system risks by forcing schemes to buy gilts, according to Hymans Robertson.
Draft regulations on defined benefit (DB) pension funding would impose a narrow, simplistic and overly rigid framework on schemes and should be sent back to the drawing board, WTW says.
New regulations on defined benefit (DB) pension scheme funding risk are forcing all schemes into a ‘one-size-fits-all straitjacket’ leading to potentially severe outcomes in some cases, Lane Clark & Peacock (LCP) says.