The key financial assumptions required for determining pension liabilities under the Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and FAS158 (US listed) are the discount rate and the rate of future inflation. This note sets out some of the technical issues relevant to those involved in the preparation and the audit of pension disclosures.
Quarter 4 of 2015 saw a very strong finish to the year for the UK bulk annuity market. Overall, the value of business in 2015 fell just short of the record set in 2014, but was considerably above previous years.
The Budget 2016 did not see the sweeping changes to pension tax allowances and reliefs that many had predicted, but the introduction of a new Lifetime ISA as well as the consolidation of the financial advisory services prompted a flurry of debate.