Pensions Consultant Warns Overhaul Could Double Deficits

Law360, London (September 3, 2020, 3:33 PM BST) -- The retirement savings watchdog should introduce a transition period for mature pension plans to switch to proposed new funding rules because otherwise their deficits could nearly double, a consultant has warned.

XPS Pensions said Wednesday that schemes could have to sell off assets at a time of uncertainty in the markets if they are to comply with the rules.

The company was responding to a consultation by The Pensions Regulator, which has proposed a new "twin track" route for defined benefit schemes to get regulatory sign-off.

The proposals, which were introduced in March and were under consultation until Wednesday, would mean...

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