New pension proposals take a battering

Fri, 01 Feb 2008

According to reports in the pensions news, pension professionals have described the proposed pensions changes as a ‘kick in the teeth’ and given a strict warning that changes could threaten many existing schemes.

The proposals made by the Accounting Standard Boards are drawing fire from several sectors. The actuarial director of BDO Stoy Hayward Investment Management, John Broome Saunders, reportedly commented: "This is a real kick in the teeth. At a stroke, hard-earned balance sheet surpluses will disappear, and, even worse, sponsors will find themselves facing an uncontrollable roller-coaster profit and loss ride."

The National Association of Pension Funds chief executive, Joanne Segars, was reported in the pensions press as commenting: "While pension schemes must be transparent, nothing must be done to undermine this [current] stability and employers’ commitment to pensions ."
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