Countdown to A-day: Actuaries criticise draft code of practice on defined benefit funding.

The draft code of practice on defined benefit (DB) scheme funding lacks clarity and could mislead scheme members, according to criticisms levelled at it by actuaries.

First Actuarial, a new firm formed by a management buy-out of the pensions consulting arm of Hazell Carr, said the proposed rules could give members a false sense of security over DB benefits.

Alan Smith, First Actuarial director, said that under transitional arrangements, an annual funding statement for members would be based on the minimum funding requirement (MFR) until schemes have carried o