United Kingdom | Publication | April 2023
The PPF has published its proposed changes to the assumptions used when valuing a scheme after employer insolvency. The valuations are used in determining whether the scheme enters the PPF or goes on to buy-out with an insurer.
The changes are intended to ensure the PPF’s valuation assumptions better reflect those used by insurers and include: adopting a yield curve approach to determining liabilities in some circumstances; increasing the discount rates for certain tranches of benefit; a new model for mortality projections; and amending the calculation of expenses.
The new assumptions will take effect from May 1, 2023.
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