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07-Feb-08 11:08 [Pensions]
ASB proposals 'to have impact on people's pensions' The Accounting and Standards Bureau's (ASB) pension proposals have a real and undesirable effect on people in the UK according to the Pensions Advisory Service (TPAS).
ASB proposals would mean companies would need to implement more conservative measures to calculate the value of their pension fund liabilities, according to Shepherd and Wedderburn.
Des Hamilton, technical director for the Pensions Advisory Service, said: "So often these issues are discussed as academic issues almost as though they don't have any effect on people, but of course they do have an effect on people."
He added that whilst most of the commentaries are about the effect on companies and trustees the reality is "for people that actually suffer from the effects of this…it's their retirement that is affected".
Proposals such as these which add to the progress of wiping out defined benefit schemes are "undesirable" according to TPAS.
TPAS is an independent organisation which provides fee information and guidance on pensions.
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