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- Minimum_funding_requirement abstract "The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997. The Pensions Act 2004 abolishes the MFR replaces it with new "statutory funding objective"; this came into force on 30 December 2005 for all pension schemes with a valuation date after September 22, 2005.The aim of the Minimum Funding Requirement was to set a minimum amount of assets that a defined benefit pension scheme should hold in order to fund its promised benefits. If a scheme did not hold sufficient assets, the pension scheme was required to achieve the minimum level within a given time scale.For a scheme with less than 90% of the assets required, the scheme had to pay the shortfall below 90% within three years. Where the scheme was between 90% and 100%, the period was ten years.Although legislation set out the broad requirements of the Minimum Funding Requirement, the details of the methods and assumptions to use were specified in Guidance Note 27, issued by the Institute of Actuaries and the Faculty of Actuaries.After the introduction of the Minimum Funding Requirement, there were several modifications to the assumptions to cope with perceived weaknesses in the original basis. However, the level of assets required by the MFR never proved sufficient to provide the benefits promised by the scheme which the MFR was supposed to fund. The Pensions Act 2004 abolished the MFR and introduced a new scheme funding objective hoped to adapt more flexibly to individual schemes' circumstances but at the same time protecting members' benefits.".
- Minimum_funding_requirement wikiPageExternalLink GN27V2-1.pdf.
- Minimum_funding_requirement wikiPageID "861672".
- Minimum_funding_requirement wikiPageRevisionID "590957548".
- Minimum_funding_requirement hasPhotoCollection Minimum_funding_requirement.
- Minimum_funding_requirement subject Category:Pensions_in_the_United_Kingdom.
- Minimum_funding_requirement subject Category:Retirement.
- Minimum_funding_requirement type Abstraction100002137.
- Minimum_funding_requirement type Cost113275847.
- Minimum_funding_requirement type Outgo113275288.
- Minimum_funding_requirement type Payment113278375.
- Minimum_funding_requirement type Pension113384164.
- Minimum_funding_requirement type PensionsInTheUnitedKingdom.
- Minimum_funding_requirement type Possession100032613.
- Minimum_funding_requirement type RegularPayment113281275.
- Minimum_funding_requirement type Relation100031921.
- Minimum_funding_requirement type TransferredProperty113252973.
- Minimum_funding_requirement comment "The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997.".
- Minimum_funding_requirement label "Minimum funding requirement".
- Minimum_funding_requirement sameAs m.03j8j4.
- Minimum_funding_requirement sameAs Q6865457.
- Minimum_funding_requirement sameAs Q6865457.
- Minimum_funding_requirement sameAs Minimum_funding_requirement.
- Minimum_funding_requirement wasDerivedFrom Minimum_funding_requirement?oldid=590957548.
- Minimum_funding_requirement isPrimaryTopicOf Minimum_funding_requirement.