Standard & Poor's has published guidelines for UK pension schemes to help eliminate pension scheme deficits.
The pension scheme guidelines are aimed to help pension scheme trustees find an appropriate policy and timeframe for the elimination of the deficits facing UK pension schemes.
According to Jim MacLachlan, director of pension services at Standard & Poor's, for the first time there are guidelines that offer trustees a benchmark for determining a prudent period to remove any deficit in their pension schemes.
The guidelines reflect pension scheme maturity and outline the risks of sponsor failure.
The Pensions Act 2004 require UK-defined benefit pension schemes to adopt a scheme-specific basis for funding by September this year.
UK pension schemes also need to provide a timetable for achieving the full funding of pension scheme deficits.
The UK Pensions Regulator has outlined the terms ' scheme-specific' and 'full funding' in its Codes of Practice, but failed to indicate the level of security pension scheme trustees should aim for.
Mr MacLachlan said that the pensions guidelines offered by Standard and Poor's would give UK pension scheme trustees "a more objective measure for making one of the most critical decisions required of them under the new regime".
Financial research provider Standard & Poor's offers credit ratings as well as other products and services designed to help individuals and institutions around the world make better-informed financial decisions with greater confidence.
UK pension scheme offered guidelines
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UK pension scheme offered guidelines
Fri, 01 Jul 2005
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