Health and safety shake-up

first_img Comments are closed. Previous Article Next Article Introductionof government initiative sees biggest health and safety shake-up in a quarterof a centuryTheGovernment has heralded a culture change as it introduced the biggest shake-upto the health and safety system in 25 years.TheRevitalising Health and Safety initiative includes targets to reduce the numberof days lost from work-related injury and ill health, as well as a commitmentto cut accidents, as part of the awaited strategy.Imprisonmentwill be extended to most health and safety offences. A director’s code ofpractice will require a named person to be responsible for health and safetywithin every company. This follows confirmation of a law on corporatemanslaughter (Occupational Health, June).Themove comes in response to what many observers believe is a “plateau”in achievement from the 1974 Health and Safety at Work Act, and the complaintby many Labour MPs that fines are far too low.Therewill be incentives as well as penalties, and advice geared to promoting goodhealth, as well as clamping down on unsafe practices. The Government promisedto “explore with the insurance industry incentives to reward good healthand safety performers at the expense of those companies with poor records”.”Healthand safety at work should be a core requirement of business activity, not aninconvenient ‘add-on’,” said Bill Callaghan, chairman of the Health andSafety Commission. “As far as I am concerned, those who cannot managehealth and safety, cannot manage.”NolaIshmael, nursing officer at the DoH, told the Association of OccupationalHealth Nurse Practitioners conference shortly before the Government’sannouncement, that the OH profession promised to be full stakeholders inimplementing a 10-year strategy for improving health in the workplace.www.hse.gov.uk/links/revital.htmActionplan–The Revitalising Health and Safety initiative will see:–Best practice and return-to-work strategies. –A director’s code of practice, which will make a named person responsible forhealth and safety. –Tougher penalties, including imprisonment for most health and safety offences,and the maximum fine available in the lower court to be extended to most healthand safety breaches. –An examination of new penalties, such as fines linked to turnover, prohibitionof bonuses and suspension of managers without pay. –Help for small businesses, including a grant and support through the SmallBusiness Service. –Abolition of Crown immunity, to help with accountability in the public sector. –Examination with the insurance industry of incentives to reward good health andsafety performers at the expense of those with poor records. Health and safety shake-upOn 1 Jul 2000 in Personnel Today Related posts:No related photos.last_img read more

Redundancy seen from the other side

first_imgRedundancy seen from the other sideOn 2 Oct 2001 in Personnel Today Comments are closed. Well, I have become a statistic. I am an unemployed international HR guy.This happened very recently – a mix of the downturn in the US high-tech sectorand the margin pressures in telecoms. We went through a 20 per cent worldwidereduction in headcount, and, to our CEO’s credit, executives were maderedundant in proportion to staff. Like most HR people, I have sat on the employer side of this situation manytimes, in the US and in other countries. I have been the “corporate badguy”, jetting into a foreign country and releasing expats and local staff.Sitting on this side of the desk is an altogether new experience. Now I havehad some time to reflect, I have some thoughts on redundancies. Don’t be obsessive over this, but your CV should always be updated. Wheneveryou achieve something notable, take a moment to edit it in. Periodically, get afriend or mentor to look at it and give you feedback. Everyone is swamped with work. The 1990s re-engineering and workforcetightening left us all with heavy workloads, but are you in touch withcolleagues at other companies? Do you return phone calls from headhunters? Areyou active in local HR groups? Whether you are a national officer for CIPD, oryou chair the Milton Keynes Special Interest Group on pensions, you should seekout opportunities to remain visible, demonstrating that there’s more to youthan just your work. Don’t fall into the trap of focusing on the present. If you are acompensation specialist, just because you don’t currently work with stockoptions, that is no excuse for not knowing current best practices in that area.Live within your means – although this is easier said than done. Look at yourpersonal finances, and then project how long you can last if there are no morepaychecks. Detailed planning of redundancies is critical, and usually comes to restwith HR. You must work everything into a project plan, and then ensure everyoneinvolved is agreed and supportive. Once the notifications have taken place, start communicating with theremaining employees, and don’t stop. They need to know they can get back towork, that their colleagues have been provided for, and that the business mustgo on. Ideally, your MD will share their thoughts with the team at large. For my part, I think I’m going to be OK. Agreed, this is a bad economy inwhich to be out job hunting, and the events of 11 September did nothing toimprove that. This won’t be a simple journey, but I’m pressing on and lookingat a variety of ways to move forward in my career. By Lance Richards, member of the board of directors for SHRM Global Forumand the Editorial Advisory Board of Personnel Today sister publication GlobalHR Previous Article Next Article Related posts:No related photos.last_img read more

Summer heat and ice balances on Hodges Glacier, South Georgia, Falkland Islands Dependencies

first_imgThe heat and ice balances of a temperate sub-Antarctic cirque glacier were measured through the 1973–74 melt season at an altitude midway between the climatic firn limit and the snout. The melt calculated from mean daily measurements at a single level of net radiation, wind-speed, temperature, and humidity agreed with that observed at nearby budget stakes. In the central ablation zone, radiation provided (54 ± 6)% and sensible fluxes (46 ± 6)% of the heat income through the summer, which was exceptionally warm and sunny. Latent-heat fluxes made no significant contribution to the heat balance. The calculation by Smith (1960) that the radiative, sensible, and latent heat fluxes contribute about equally to ablation in this zone has not been substantiated by measurement. The measured partition of the glacier’s heat balance suggested that maritime influences on its regime are mitigated by its position in the lee of a major mountain range.last_img read more

Scottish house sales hit 8-year high

first_imgResidential property sales in Scotland reached the highest level for eight years in January, as buyers rushed to avoid an LBTT surcharge, the latest Scotland House Price Index from Your Move reveals.Home sales in the first month of 2016 rose by 24 per cent year-on-year with the biggest surge witnessed in Midlothian with a rise of 38 per cent, according to the data.The hike in property sales helped to push up property prices by an average of 0.8 per cent, or £1,346, in January to £171, 079, up from 0.3 per cent the previous month, led by gains in Stirling where property values leapt by 13.5 per cent over the 12 months.The only areas in Scotland that saw a decline in sales from November to January, compared to the previous three months, were Aberdeen City and Aberdeenshire. In Aberdeen City sales fell by 11 per cent during this time period, partly due to the oil crisis and the large proportion of expensive homes in city which are hit hardest by the LBBT.Christine Campbell, Your Move Managing Director in Scotland, said that the Scottish housing market had easily outpaced property sales south of the border, as England and Wales only saw a 1 per cent rise over the same time period.“The surge in Scottish home purchases has been propelled by second-home and buy-to-let buyers eager to avoid paying the 3% Land and Buildings Transaction Tax (LBTT) surcharge. As this tax hike was only announced in December’s Scottish Budget, January’s surge in sales may only be the tip of the iceberg,” she said.In Midlothian, property sales have outperformed every other area, soaring by 38 per cent compared to the same month last year. “This growth has been aided by the lower rate of LBTT on the purchase of cheaper properties, with flat and terraced house sales accounting for the largest rise,” she added. “This trend can also be seen in Glasgow, which narrowly beat Edinburgh to become the area with the highest absolute increase in sales.”Campbell continued, “January marks the sixth consecutive month of year-on-year growth in house prices, as the market finds a sturdy footing, putting the shaky start to 2015 behind it. The boost in property values has been driven by improving economic conditions, with employment in Scotland at an all-time high. However, this stability may be under threat if the effects of the impending LBTT surcharge mirror those seen with the introduction of the original tax. There could soon be a swift peak in prices as investors rush to buy before the surcharge comes into force, followed by a dip in home values after the implementation of the surcharge.”residential property sales in Scotland Scottish home purchases surge Scottish house sales March 24, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 Home » News » Housing Market » Scottish house sales hit 8-year high previous nextHousing MarketScottish house sales hit 8-year highThere was significant rise in the number of homes sold in Scotland in January.The Negotiator24th March 20160643 Viewslast_img read more

In Short

first_imgBB’s flagship to openBB’s Coffee and Muffins is due to open its 3,500sq ft flagship in the St David’s Centre in Cardiff at the end of September. MD Andrew Moyes also told British Baker its rebranded outlet in Watford, opened this spring, has seen trading performance up 35% like-for-like. The firm plans to have a further three rebranded units completed before Christmas.Online bakery gameNorthern Ireland’s Genesis Crafty has launched a free-to-play online game called ’Knead for Speed’, which helps tell the company’s story through social game play. The game features the company’s six McErlain brothers as stick men, working to bake the perfect products. See www.genesisbreads.com.Gluten-free extensionGenius Foods has extended its range of gluten-free bakery products with new teacakes, fruit loaf, seeded loaf and brown and white rolls.Seals firm opens siteThe Seal Company is about to open its first production unit in the UK, in Devon, which will manufacture replacement fridge and freezer seals. The company said it has a range of seals to suit virtually all commercial appliances in use in the UK today.last_img read more

LCD Soundsystem Shares New Single, “tonite,” And Music Video Ahead Of Upcoming Album

first_imgIt took a long time, but LCD Soundsystem is officially on track to release their fourth studio record. American Dream will be released on September 1st, 2017 via DFA/Columbia Records, marking their first new studio release since 2010’s This Is Happening. The record will include the previously released singles “call the police” and title track “american dream,” in addition to “tonite.” The new track “tonite” was debuted at Brooklyn Steel at their opening five-night run in April, and is released today with a music video.James Murphy Credits David Bowie For The Reunion Of LCD SoundsystemLCD Soundsystem heads out for their worldwide tour in September with multi-night runs in Copenhagen, Amsterdam, Paris, Manchester, Atlanta, Los Angeles, Philadelphia, and ten nights in Brooklyn to end the year. Watch the music video for “tonite” below, and see the full tracklist for American Dream.American Dream Tracklist:01. oh baby02. other voices03. i used to04. change yr mind05. how do you sleep?06. tonite07. call the police08. american dream09. emotional haircut10. black screenYou can see a full list of LCD fall dates below:09/08 – Copenhagen, DK @ Vega09/09 – Copenhagen, DK @ Vega09/11 – Amsterdam, NL @ Paradiso09/12 – Amsterdam, NL @ Paradiso09/13 – Paris, FR @ L’Olympia09/14 – Paris, FR @ L’Olympia09/16 – Manchester, UK @ The Warehouse Project09/17 – Manchester, UK @ The Warehouse Project09/19 – Glasgow, UK @ Barrowland Ballroom09/22 – London, UK @ Alexandra Place10/17-18 – Washington, DC @ The Anthem*10/21 – Atlanta, GA @ Roxy Theatre10/22 – Atlanta, GA @ Roxy Theatre10/25 – Miami, FL @ James L. Knight Center Theater10/27 – New Orleans, LA @ Voodoo Music Experience10/30 – Dallas, TX @ The Bomb Factory10/31 – Austin, TX @ Austin360 Amphitheater11/03 – Detroit, MO @ Masonic Temple11/09 – St. Paul, MN @ Roy Wilkins Auditorium11/11 – Broomfield, CO @ 1st Bank Center11/14-15 – San Francisco, CA @ Bill Graham Civic Auditorium*11/17 – Los Angeles, CA @ Hollywood Palladium11/18 – Los Angeles, CA @ Hollywood Palladium11/19 – Los Angeles, CA @ Hollywood Palladium11/20 – Los Angeles, CA @ Hollywood Palladium11/21 – Los Angeles, CA @ Hollywood Palladium12/02 – Montreal, @ QC @ Bell Arena12/03 – Toronto, ON @ Air Canada Centre12/05-6 – Philadelphia, PA @ The Fillmore*12/06 – Philadelphia, PA @ The Fillmore12/08 – Boston, MA @ Agganis Arena12/11 – Brooklyn, NY @ Brooklyn Steel12/12 – Brooklyn, NY @ Brooklyn Steel12/14 – Brooklyn, NY @ Brooklyn Steel12/15 – Brooklyn, NY @ Brooklyn Steel12/17 – Brooklyn, NY @ Brooklyn Steel12/18 – Brooklyn, NY @ Brooklyn Steel12/19 – Brooklyn, NY @ Brooklyn Steel12/21 – Brooklyn, NY @ Brooklyn Steel12/22 – Brooklyn, NY @ Brooklyn Steel12/23 – Brooklyn, NY @ Brooklyn Steellast_img read more

The speed of discovery

first_imgOne year after the Blavatnik Family Foundation announced a $200 million commitment to Harvard Medical School (HMS) — the largest gift in the School’s history — philanthropist Len Blavatnik returned to the HMS Quad on Oct. 16 to spend the day visiting with Quad scientists to learn more about research taking place on campus.“We had several very interesting meetings today. I felt like I was attending master classes all day. It was very intellectually stimulating,” Blavatnik said during an informal conversation with Harvard Corporation member David Rubenstein at an early evening gathering for the Harvard and HMS communities.“I already saw progress stemming from the gift,” Blavatnik told Rubenstein. Rubenstein is co-founder and co-executive chair of The Carlyle Group and a leader in the area of patriotic philanthropy.One of the stops Blavatnik made while on the Quad was the School’s Cryo-Electron Microscopy Center for Structural Biology, where scientists are visualizing molecules at the atomic level — work that is contributing to a deeper understanding of molecular mechanisms in both normal and disease states. He also met with HMS scientists working on single-cell sequencing and the use of computational biology and biomedical informatics to predict disease and devise interventions. “I find an enormous satisfaction in supporting science and education … to see people striving for excellence. It gives me a lot of emotional satisfaction,” Blavatnik said.Blavatnik’s support for HMS is intended to help accelerate the pace of therapeutic discovery and propel the School’s mission of transforming medicine through curiosity-driven research that stimulates the development of new therapies and tools to diagnose, prevent, and treat disease.During their conversation, Blavatnik, a Harvard Business School (HBS) alumnus and the founder and chairman of Access Industries, an industrial group with global investments in natural resources and chemicals, media and telecommunications, venture capital, real estate, and biotechnology, told Rubenstein that his commitment to the Medical School was encouraged by HBS Dean Nitin Nohria. Blavatnik said support for HMS meshes nicely with his own desire to support initiatives that may lead to significant scientific breakthroughs and that HMS is ripe with the potential to do this.In welcoming remarks, HMS Dean George Q. Daley described Greater Boston as one of the world’s most dynamic ecosystems for biomedical innovation, home to a number of world-class hospitals and research institutions, more than 500 biotech firms, and 17 of the world’s top 20 pharmaceutical companies.“Harvard Medical School is the epicenter of this incredible ecosystem,” Daley said.Blavatnik and his foundation support a number of educational, cultural, and charitable institutions around the world, including the Blavatnik School of Government at Oxford, Tel Aviv University, Carnegie Hall, and Tate. The foundation also funds the Blavatnik Awards for Young Scientists, which honor the achievements of exceptional young scientists and engineers in the U.S., U.K., and Israel.,At Harvard, the foundation also supports the Blavatnik Biomedical Accelerator to identify promising early stage technologies, paving the way toward licensing and commercial development, and the Blavatnik Fellowship in Life Science Entrepreneurship, which offers HBS alumni the opportunity to create new ventures around promising life-science technologies while developing their leadership skills.Blavatnik said his father was a chemistry professor and head of his department at the same university where his mother, trained as an electrical engineer, was an associate professor. Because he grew up in a family of scientists, Blavatnik said, he derives particular satisfaction from supporting the work of promising researchers.“I would like at least one of them to be a Nobel Prize winner. It hasn’t happened yet, but a couple have come close,” he said.In his rare, hour-long interview at HMS, Blavatnik said his family was originally from Odessa, in Ukraine. They were part of a Jewish immigration to the U.S. in 1978.His first job in the U.S., he recalled, was as a computer programmer in the biostatistics department at what was then the Mount Sinai School of Medicine in New York. He earned enough money there to begin studying computer science at Columbia University part-time, he said, and then eventually full-time, graduating in 1981. He then worked at the Arthur Andersen accounting firm and at Macy’s before deciding to go to graduate school to earn his M.B.A.“I was pretty naïve, so I applied only to Harvard Business School,” he said.At HBS, Blavatnik said, he learned how to make and invest money, eventually parlaying his own investments into a global business enterprise. His net worth is now estimated at more than $17 billion.In addition to the satisfaction he derives from his business accomplishments, Blavatnik said he is very proud of his philanthropic work and grateful for his ability to be able “to give back in many different ways, in many countries, as well as being able to change the world.” A dual citizen of both the U.S. and the U.K., he was knighted by Queen Elizabeth II in 2017 for services to philanthropy.Because of his interest in changing the world, Blavatnik said his support for HMS is particularly gratifying.“I think, over many years … the speed of discovery, the process of translation from basic research to medical applications, will move faster, and many people will be cured,” he said.last_img read more

“Operation Boiled Peanuts”

first_imgBy Brad HaireUniversity of GeorgiaThey’ve been called to duty and are being deployed to Iraq next month. Their mission is simple: Provide Georgia soldiers a familiar taste of home. It’s “Operation Boiled Peanuts.”Georgia 4-H’ers across the state are mobilizing to raise money for a statewide project to package and send boiled peanuts to Iraq to the 4,300 soldiers of the Georgia National Guard’s 48th Brigade.Homegrown hankeringThe seed of the project was planted when Clark Rountree, 21, a specialist with the 48th, called his mother, Patricia Anderson, earlier this month. The Wilcox County, Ga., native told her to tell Rex Bulloch he had a hankering for his favorite homegrown snack and wanted a few to share with his comrades in Iraq.”Anything Clark and those boys want, and I can get it, I’m going to get it done,” said Bulloch, 57, a Wilcox County peanut farmer for 35 years. Rountree worked on Bulloch’s farm before being sent to Iraq earlier this year. He knew that from now until November plenty of fresh, Georgia peanuts would be harvested.Bulloch figured a few bags of peanuts wouldn’t do. He wanted to get enough for the entire brigade. Family-owned Hardy Farms in Hawkinsville, Ga., specializes in ready-to-eat boiled peanuts in pouches and cut Bulloch a good deal. But the cost was still around $6,000.”Folks told me I should ask around for some help,” Bulloch said in a phone interview Monday.Statewide helpOn Aug. 10, he called on his county University of Georgia Cooperative Extension office.”I said, ‘Why don’t you let 4-H help with that,'” said Suzanne Keene, a Wilcox County 4-H program assistant. “I thought this would be a great opportunity for Georgia 4-H and the (UGA) College of Agricultural and Environmental Sciences to send a farm product unique to Georgia and let the troops know we support them.”She called the 4-H state office in Athens, and “Operation Boiled Peanuts” was launched. “It has ballooned and blossomed from there,” she said.The Georgia 4-H Foundation fronted the $6,000 to keep the soldiers from waiting any longer.Now, 2 tons of Georgia boiled peanuts, about 4,800 bags from Hardy Farms with Georgia 4-H stickers proudly stamped on them, are staged and ready to be sent to the men and women of the 48th Brigade around Sept. 10, Bulloch said.From collecting donations to organizing events, each county 4-H club is doing something different to raise money, said Laura Perry Johnson, the southwest district 4-H program development coordinator.To give a donation, make out a check to the Georgia 4-H Foundation and send it to 304 Hoke Smith Annex, University of Georgia, Athens, GA 30602. Write “Georgia 4-H: Operation Boiled Peanuts” on the envelope. Or go to your county UGA Extension office.”We’d like to raise enough money to do it more than once,” Keene said. “Maybe send them something once a month.”Special thanks”Clark is like one of mine,” Bulloch said. “I’ll do anything for him to make it a little easier. He promised he’d be careful, keep his head down and come home. That’s what I’m expecting from him and the rest of them.”Bulloch hasn’t spoken with Rountree. But he’s heard that the soldiers know the Georgia delicacy is on the way. They’ve seen some TV news stories about it.But Bulloch already has been personally thanked. Jason Henderson, another Wilcox County native and a 48th Brigade soldier, was injured in Iraq and was back home last week.”He thanked me and asked if he could give me a hug for the men of the 48th,” Bulloch said.(Brad Haire is a news editor with the University of GeorgiaCollege of Agricultural and Environmental Sciences.)last_img read more

Tot Drowned in Shirley Pool, Cops Say

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A four-year-old boy drowned in a swimming pool during a backyard barbeque in Shirley over the weekend, Suffolk County police said.Justin McConville was with his mother at his mother’s friend’s Alcolade Drive East home when the host found the boy at the bottom of their 4-foot, above-ground pool at 7:11 p.m. Saturday, police said.Witnesses pulled the victim from the pool, called 911 and performed CPR until an ambulance arrived, police said.The child was taken to Brookhaven Memorial Hospital Medical Center in East Patchogue, where he was pronounced dead.Homicide Squad detectives are continuing the investigation.last_img

IFRS rejects ESMA demand on asset-ceiling measurement for pensions

first_imgThe International Financial Reporting Standards Interpretations Committee (IFRS IC) has knocked back a demand from the European Securities and Markets Authority (ESMA) for it to issue guidance on the asset-ceiling test in International Accounting Standard 19, Employee Benefits (IAS 19).Summing up the committee’s support for the staff analysis of the issue, chairman Wayne Upton said: “The [draft] agenda decision is basically right, but we need to make clear this notion of the ‘underlying principle of the negotiation’ or words to that effect.”The market overseer wrote to the committee demanding “clarification of whether an entity with a contractually agreed future minimum funding requirement should assume this requirement will exist over the life of the pension plan when performing an asset ceiling test”.In an analysis of the issue, IFRS IC staff argued: “On the basis of our assessment of the Interpretations Committee’s agenda criteria, we think the Interpretations Committee should not add this issue to its agenda.” Staff said this was because “paragraphs 17, 21 and BC30 of IFRIC 14 provide sufficient guidance for this issue, as explained in the section for the staff conclusions”.The guidance dealing with the asset-ceiling test under International Financial Reporting Standards (IFRS) is set out in IFRIC 14, “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”.That document, issued in 2008, interprets the requirements of IAS 19.When a defined benefit (DB) plan sponsor applies IAS 19, it must first measure the DB obligation using the projected unit credit method and fair value any plan assets on the other.This calculation will produce either a DB asset or liability at the balance sheet date.Where a plan is in surplus, the sponsor will recognise the lower of any surplus and the IAS 19 asset ceiling – that is, the economic benefits available to the entity from the surplus.Paragraph 64 of IAS 19 limits the net DB asset an entity can recognise in its accounts to the lower of the plan surplus or the asset ceiling.IAS 19 defines the asset ceiling as “the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan”.Among the jurisdictions potentially affected by the discussion are the UK – which ESMA referred to in its submission to the IFRS IC – Ireland and Canada.Commenting on the discussion, Warren Singer, a consultant actuary with Mercer, said: “Most companies in the UK believe, under IFRIC 14, they can recognise a surplus as an asset because they have an unconditional right to a refund at the end of the life of the plan.“If they agree that with their auditors, the question about future service contributions is irrelevant.“If they don’t, the second route they can take in order to recognise an asset is to say they expect to derive an economic benefit as a reduction in future service contributions.“However, IFRIC 14 says that, when an MFR means you won’t derive the full economic benefit from IAS 19 future service cost, you have to deduct the MFR future service contributions.”He continued: “So then the next question is whether you should you be consistent in the time period you use for the calculation of the IAS 19 future service cost and the MFR future service contributions when applying IFRIC 14.“There are mixed views. It is a rare issue in the UK because most people use the unconditional right to a refund argument. But where it has come up, it can be argued either way.”Speaking during the 24 March discussion, IFRS IC member Tony Debell, a PwC audit partner, argued: “You can’t assume the minimum funding requirement disappears simply because the period of the agreement disappears.“We are saying you should continue to apply the principle that underpins the minimum funding requirement to make assumptions that are consistent between the way you measure the DBO and the way you measure the minimum funding requirement.”Meanwhile, Simon Robinson, a consultant actuary at Aon Hewitt, told IPE he was surprised the question had not been raised earlier.“It is certainly something we in the UK have been talking about,” he said.“When you look at recognising an additional liability under IFRIC 14, or for that matter contributions in respect of future service, the definition of ‘minimum funding requirement’ in the literature is unclear.“In the UK, we have taken it to mean the schedule of contributions agreed between the trustees and the sponsor to make good any deficit.”Typically, a sponsor will agree a schedule of contributions over a 10-year period or so. In practice, however, the schedule is likely to be reviewed every three years or so.In addition, a sponsoring company might be prompted to prepare a new funding valuation and agree a new funding schedule with its trustees because it has benefited from positive investment returns.“The challenge companies face in the UK,” Robinson said, “is the choice between, say, a three-year horizon and the longer timeline for the schedule of contributions.“You could argue that both of those are ‘substantially enacted’. On the one hand, you know with some certainty you are going to carry out a new valuation after three years.“On the other hand, you have a document in your hand at the balance sheet date that tells you that you have agreed a schedule of deficit contributions for the next 10 years.”last_img read more