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Historic Pension Issues for Employers - Pensions Act 2004
The Pensions Act 2004 made a number of changes to the framework within which pension schemes must operate. Many of the new requirements are having implications for sponsoring employers particularly in relation to scheme funding and corporate transactions. With this in mind, actuaries and consultants Barnett Waddingham LLP and lawyers Osborne Clarke held joint seminars in August 2005 aimed specifically at employers.
Both seminars covered the following two issues:
Scheme Specific Funding:
In September 2005 Scheme Specific Funding ("SSF") replaced the MFR and there were a number of issues that sponsoring employers should have considered in advance of their first SSF valuation.
The Pensions Regulator:
To improve the security of pension schemes the new Pensions Regulator has been given increased powers which will have an impact on many areas of corporate activity.
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Barnett Waddingham, August 2005.