Principles of funding

Tony Hobman, chief executive of the Pensions Regulator, together with deputy chief government actuary, Andy Young, answer questions on funding, risk, trustee conflicts and Solvency II. Nicholas Dunbar reports


Life & Pensions

What level should defined benefit (DB) schemes be funding to? What are the regulator's expectations?

Tony Hobman

Our broad expectations reflect the current legislative reality and the move away from the old Minimum Funding Requirement (MFR) - an inadequate floor that, as it turned out, became a ceiling - to a scheme-specific approach that sits clearly within EU requirements. Schemes need to ensure that they are funded to the level of their technical provisions (TPs). The UK has

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