B P Collins Solicitors: talk to the experts
Gerrards Cross: +44(0) 1753 889995
Beaconsfield: +44(0) 1494 675363
Related stories
Lawyers go to the top of the class in directories
13 November 2008
Prize giving for local photography students
4 November 2008
Powers of attorney reforms planned
23 October 2008
'Never too soon' to plan for IHT
29 September 2008
Pension group slams watchdog plans
16 May 2008
A pensions lobby group has hit out at industry watchdog plans to increase life expectancy rates.
The National Association of Pension Funds (NAPF) claims that Pensions Regulator proposals to use more conservative mortality assumptions will put the system under greater pressure.
PR wants firms to assume the long cohort, meaning that the average 65-year-old retiring today will live until their 90th birthday, five years longer than companies' current estimates.
"The NAPF believes selection of the long cohort projection...will have unintended consequences," the NAPF said in a statement reported by Reuters.
"It will push trustees to adopt this assumption in all circumstances, even when not justified by their scheme-specific circumstances or when sufficient prudence has been exercised in the selection of other valuation assumptions."
In a separate report Richard Lambert, director general of the CBI, said: "Firms are already taking action to ensure employees' pensions are protected as life-spans improve.
"Imposing an overly prescriptive regime would undermine the regulator's scheme-specific approach and needlessly raise costs for companies, weakening their ability to keep pension schemes open for future saving."
