Released on: July 24, 2008, 12:03 am

Press Release Author: Gracy

Industry: Financial

Press Release Summary: The Pensions regulator in Britain has postponed various proposals purported to enable the pension schemes utilise various \'conservative mortality assumptions\'.

Press Release Body: London (ask4loan) July 23, 2008: Various proposals regarding pensions longevity got delayed because the proposed move came under some serious critical fire from important industry groups. The said groups expressed the apprehensions that the supposed proposals will put unnecessary pressure on them.


As per the regulator\'s latest take, it wished the companies to assume that a 65-year-old person retiring presently will survive till the ripe age of 90, which is half a decade more than the present assumptions held by most of the companies.


The said proposals-called as \'long cohort\'--would only mean several billions of pounds adding to the pension firms\' liabilities. Though the previous launching date for the proposals had been December 2009, but on Monday the regulator said that the changes will not be applied till the start of the next valuation cycle to start in September 2008.


To undertake a valuation, the pension schemes get 15 months from the day of scheme valuation after submitting the recovery plan with the regulator in case they are in deficit. This delay now only means that initial plans under the new scheme will cross the earlier date of December 2008.


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