DWP to consult on pension deficit recovery plans

Autumn Statement 2012: The Department for Work and Pensions (DWP) will consult on providing The Pensions Regulator (TPR) with a new statutory objective to consider the long-term affordability of final salary pension scheme recovery plans on employers.

The government also said it recognises that volatility in measures of pension scheme deficits can make it hard for employers to manage their investment plans and attract external funding.

The consultation will also look at whether to allow employers undergoing valuation in 2013 or later to smooth asset and liability values.

The Pensions Regulator said, until it is clear whether the regime will be altered in any way, there will be no change in the responsibilities of employers and trustees.

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