Regulator clarifies summary funding statements

Under the new scheme specific funding regime, part of the EU directive on the activities and supervision of Institutions for Occupational Retirement Provision (IORP), trustees must issue members and beneficiaries with regular statements on the funding of the scheme. The latest guidance provides clarification on what needs to be included in a summary funding statement issued before a scheme has its first actuarial valuation under the new rules. It says trustees are not required to gather any specific actuarial calculations to see if the funding position has changed since the last valuati...