Pensions - Articles - Institute and Faculty of Actuaries' comments on Statement

 Commenting on the Chancellor's Autumn Statement, Jane Curtis, Immediate Past President, said:

 "The Institute and Faculty of Actuaries welcomes the Chancellor's announcement that the DWP will be consulting on a new statutory objective for the Pensions Regulator to consider the long term affordability of deficit recovery plans, and whether to allow companies undergoing scheme valuations in 2013 or later to smooth asset and liability values.

 "The announcement demonstrates that the Government is not only listening to the concerns of interested parties, but that it is also committed to working with those parties to produce workable solutions.

 "A balance must be struck between the needs of business and the security for pension scheme members, and the Institute and Faculty of Actuaries looks forward to working with the DWP and others in reaching appropriate long-term solutions to these very important issues.

 "It is important that all parties involved in the process remain mindful that it is in no one's best interests to be lulled into viewing the world through a skewed looking glass.