Member

The noble Baroness, Lady Stedman-Scott, asked some questions about definitions in her contribution. While the terms “desirability” and “stability” are not explicitly defined, their purpose in regulations is clear. We recognise that it is in the interest of employers to have stable contributions for their financial planning, but there may be some flexibility required for some employers. That is why the actuary must have regard to the desirability of stability in contributions offering that choice.