The Pensions Regulator has announced that it is postponing changes to its guidance for trustees on the mortality assumptions they should use under the scheme-specific funding regime. In February 2008, the Regulator issued a consultation paper which proposed good practice guidance for trustees when choosing mortality assumptions for their schemes' technical provisions, and set out specific triggers which could lead to regulatory intervention (see Legal update, Pensions Regulator consults on good practice when choosing assumptions). The proposed changes were due to apply to scheme recovery plans based on valuations with effective dates from March 2007 onwards.

Over 80 responses were received to the consultation, which the Regulator is now considering. In the meantime, the changes to the trustee guidance have been postponed. They will now only apply to valuations under the next valuation cycle starting in September 2008. Under the scheme-specific funding regime, trustees must complete their scheme valuations and file any recovery plan necessary with the Regulator within a 15-month period. For background information, see Practice note, Scheme-specific funding.

See Regulator listens on longevity, Pensions Regulator, 21 July 2008.