Regular readers of this blog must be sick to death by now of me repeating how much damage accounting standards are doing to pension schemes (here, here, here and, even on video, here). So I’ll be brief this time – very, very brief. There is finally light at the end of the accounting tunnel.
Pensions Minister, Steve Webb MP, announced yesterday (21 June 2012) that:
“governments cannot stand idly by while accountancy standards change, which potentially causes massive real economic impacts for us and potentially results in pension fund liabilities being unnecessary volatile on balance sheets.”
The pensions press reports the minister as going on to describe the current position as a “killer” and a “complete nightmare”. I will leave it at that.