The restructuring of British statutory pension funding requirements could be delayed for at least another year. Alistair Darling, social security secretary, this morning unveiled a joint review of the Minimum Funding Requirement by the Faculty and Institute of Actuaries and gave the British pensions industry until Jan. 31 to respond. The report was to have been released earlier this year after it was delivered to Mr. Darling in May following 18 months of research by the two groups, but Mr. Darling said the government needed to look further at all the options before recommending any changes.
The extended consultation period enables the government to consider any recommendations on the MFR that will be made by the Myners review of institutional investment, which is looking at why U.K. pension plans invest relatively little in venture capital. That report is due to Gordon Brown, chancellor of the exchequer, by the end of the year.
