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Latest NewsPay & benefitsPensions

Pension liabilities will rise as watchdog calls for schemes to acknowledge longer life expectancy

by Greg Pitcher 26 Feb 2008
by Greg Pitcher 26 Feb 2008

Employers’ pension liabilities are set to rocket under new mortality guidelines proposed by the Pension Regulator.

The watchdog said employers had to start to recognise that members living longer added to the cost of funding pension schemes.

Chris Tavener, partner at actuary firm Lane Clark & Peacock, said: “The Regulator’s new trigger for scrutiny will represent a quantum leap for many trustees, requiring an increase in life expectancies of two to three years.

“The pension liabilities of FTSE 100 companies would increase by about £25bn if they assumed life expectancies of three years longer.”

He added that 99% of schemes did not currently comply with the new rules.

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A further warning was sounded after it emerged staff could be left with unguarded pensions following proposed changes to the way schemes are calculated.

The Pension Protection Fund said it was considering making changes to the assumptions used to value schemes.

Greg Pitcher

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