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Pensions Update

Continuing our regular feature the Pensions team at Norton Rose bring us a pensions update
New pension scheme funding timetable
The Department for Work and Pensions (DWP) has announced that the new funding requirements for final salary pension schemes will come into force on 30 December 2005. Regulations governing the scheme specific funding requirement will be laid before Parliament and will apply to valuations completed after 30 December 2005. Such valuations must also have an effective date of 22 September 2005 or later.
As part of the new scheme funding arrangements trustees must take actuarial advice before making funding decisions and put in place a recovery plan where a shortfall is highlighted by an actuarial valuation. Following...

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