As the UK prepares for Brexit, what steps now are employers, trustees and scheme members to be taking? Britain’s vote to leave the EU has raised some big issues for the UK’s pensions industry. The immediate impact has been a worsening of the funding position for most UK defined benefit (DB) pension schemes. In accounting terms, firms reporting at 30 June will, in the main, disclose significantly worsened pension positions.
As and when the UK government triggers the start of the formal exit from the EU, more volatility may be expected. Scheme trustees and sponsors need careful planning strategies to navigate this uncertainty and take full advantage of market opportunities.
Read a July 2016 report prepared by the KPMG member firm in the UK: Brexit: a 2-2-2 response plan for UK pensions
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