Regulator response to longevity consultation

Date: 23/09/2008

Categories: Pensions Topical, Regulatory Issues

The Pensions Regulator has published its response to the recent consultation on good practice in selecting mortality assumptions for defined benefit schemes.

The response confirms mortality assumptions will only be scrutinised where a scheme is flagged up by an existing trigger; reiterated that the Regulator's approach will not be based on any one approach, with a range of different measures to achieve equivalent outcomes; highlights that as always recovery plans are governed by payments that are reasonably affordable; releases guidance for trustees on the process for determining mortality assumptions and restates the change in the date of introduction to valuations due from September 2008 (as announced on 21 July).