Aon Consulting and PricewaterhouseCoopers have backed Gartmore chairman Paul Myners' official recommendation that the UK government scrap the minimum funding requirement (MFR).

The MFR was introduced by the Department of Social Security, in the Pensions Act 1995, to protect the interests of pension fund members. However, Myners, appointed by the Treasury to review institutional investment in the UK, and UK actuarial and investment consultants Aon have both said it does not provide the protection that many assume it does. Myners has counselled that the MFR be discontinued.