The UK government's replacement for the minimum funding requirement (MFR) is to go back to reliance on judgement, within a new framework of transparency and disclosure.

UK Chancellor of the Exchequer Gordon Brown announced in his budget statement on Wednesday that he would abolish the MFR. The MFR was introduced by the 1995 Pensions Act to protect the members of pension schemes, but failed to do so and in fact distorted scheme investment.