§ Gillian MerronTo ask the Secretary of State for Work and Pensions what plans he has to introduce changes to the minimum funding requirement for salary-related pension schemes; and if these changes will be applied retrospectively.[29789]
§ Mr. McCartneyOn 7 March 2001 the Government announced proposals to replace the minimum funding requirement (MFR) with a long-term scheme specific standard in the context of a regime of transparency and disclosure, with additional measures to strengthen protection. Implementing these proposals in full will require primary legislation, and we are working with the pensions industry and other interested parties to develop proposals for legislation as soon as parliamentary time becomes available.
On 18 September 2001, we published "The Minimum Funding Requirement: The next stage of reform" which sets out our plans for the next stage of reform of the MFR, including consultation on draft regulations introducing interim changes to the MFR in advance of its replacement. The consultation period on the draft regulations ended on 10 December, and we plan to introduce changes before April this year. The regulations will not be retrospective.