1 Response to TESCO extra pensions

1. George Kirrin says:

   April 23, 2015 at 7.32

   I recall the earlier blog and stand by my original comment then that Sir Terry, a contemporary of mine, stood up for traditional DB pensions.

   I regret that other company directors then and since have been frankly supine in allowing accounting and actuarial standards to mandate that pension schemes should effectively be pre-funded at all times.

   Directors have lost their true and fair view, just as the auditors have, and audits these days merely comply with rules lobbied for by those self-same auditors.

   Actuaries have had a Morris Review (although I do not share FRC’s recent triumphalism marking the Review’s 10th anniversary). Accountants need a similar review, and it’s long overdue.

   Funding assumptions, such as Sir Terry’s “generation” were familiar with, should be made for the long-term and relatively stable. Not spiking all over the place as a result of quantitative easing and captured regulatory capital yields.

   yours aye, George

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