The National Association of Pension Funds (NAPF) today (Tuesday) commented on the Pensions Regulator’s plans to help trustees dealing with the valuation and recovery plan process of final salary (Defined Benefit) pensions in the current economic environment.
Darren Philp, NAPF Director of Policy, said:
“It is good that the Pensions Regulator has acknowledged the impact that the current economic environment is having on pension schemes. The current economic uncertainty, including the impact of Quantitative Easing, makes guidance from the Regulator more urgent than ever, so we look forward to seeing the details soon.
“We hope that its guidance will go far enough in helping trustees deal effectively with the serious challenges that pension schemes are facing.
“And with the possibility of more QE ahead, things could get even more difficult for pension funds. Inadequate action from the Regulator will push more final salary schemes towards closure.”
The UK’s biggest pensions trade body urged the Regulator to consider a series of options to help pension funds with the effects of the latest round of Quantitative Easing. These included extending recovery periods, smoothing valuation results, and postponing valuation dates.
Notes to editors:
1.The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]