About: Minimum funding requirement

Facets (new session)
Description
Metadata
Settings
- Rule:
- Inverse Functional Properties:
- "Same As":

About: Minimum funding requirement Goto Sponge NotDistinct Permalink

An Entity of Type : yago:TransferredProperty113252973, within Data Space : dbpedia.org associated with source document(s)
QRcode icon

http://dbpedia.org/describe/?url=http%3A%2F%2Fdbpedia.org%2Fresource%2FMinimum_funding_requirement

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. 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.

Attributes	Values
rdf:type	yago:WikicatPensionsInTheUnitedKingdom yago:Abstraction100002137 yago:Cost113275847 yago:Outgo113275288 yago:Payment113278375 yago:Pension113384164 yago:Possession100032613 yago:RegularPayment113281275 yago:Relation100031921 yago:TransferredProperty113252973
rdfs:label	Minimum funding requirement (en)
rdfs: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. 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. 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. (en)
dcterms:subject	Pensions in the United Kingdom Retirement
Wikipage page ID	861672 (xsd:integer)
Wikipage revision ID	823409293 (xsd:integer)
Link from a Wikipage to another Wikipage	United Kingdom Institute of Actuaries Pensions Act 1995 Pensions Act 2004 Legislation Pensions in the United Kingdom Retirement Faculty of Actuaries Pension scheme Paul Myners
Link from a Wikipage to an external page	https://web.archive.org/web/20140116203946/http:/www.actuaries.org.uk/sites/all/files/documents/pdf/GN27V2-1.pdf http://webarchive.nationalarchives.gov.uk/20130129110402/http:/www.hm-treasury.gov.uk/media/2F9/02/31.pdf
sameAs	Minimum funding requirement Minimum funding requirement Minimum funding requirement Minimum funding requirement
has 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. Paul Myners report states on page 4: "I propose replacing the Minimum Funding Requirement, which distorts investment and fails to protect scheme members, with a long-term approach based on disclosure and openness instead of an artificial uniform yardstick." (en)
gold:hypernym	Part
prov:wasDerivedFrom	wikipedia-en:Minimum_funding_requirement?oldid=823409293&ns=0
page length (characters) of wiki page	2362 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Minimum_funding_requirement
is Link from a Wikipage to another Wikipage of	Ros Altmann Pensions in the United Kingdom Timeline of State Pension age in the United Kingdom Stephen Dorrell Pensions Act 1995 Pensions Act 2004 MFR
is Wikipage disambiguates of	MFR
is foaf:primaryTopic of	wikipedia-en:Minimum_funding_requirement

Faceted Search & Find service v1.17_git139 as of Feb 29 2024

Alternative Linked Data Documents: ODE Content Formats:

RDF

ODATA

Microdata

About

OpenLink Virtuoso version 08.03.3330 as of Mar 19 2024, on Linux (x86_64-generic-linux-glibc212), Single-Server Edition (62 GB total memory, 54 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2024 OpenLink Software