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United Kingdom | Publication | April 2024
The Pension Protection Fund is proposing that smaller schemes – those with liabilities of less than about £50 million – may be permitted to use bespoke discount rates in section 143, 152 and 158 valuations. The proposed change would apply to valuations with effective dates on or after May 31, 2024, and the consultation closes on May 6, 2024.
Under the proposals, a bespoke discount rate would need to be agreed with the PPF. The PPF believes that this approach will provide additional flexibility and the ability for section 143 valuations to "reflect the reality of buy-out quotations, while minimising disruption and additional burden on actuaries and the schemes they advise".
The PPF considers that its existing standard discount rate assumptions remain appropriate for larger schemes. Additionally, the bespoke approach will not be adopted in relation to section 179 valuations since assumptions that varied by scheme size would complicate levy calculations.
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