Following discussions involving the Pensions Board and the social partners, as well as consideration in my Department, it has been decided that the decline in the equities market warrants a flexible approach in relation to the funding requirements of the Pensions Act. The Pensions Board wants to avoid a situation where regulatory requirements would cause pensions schemes that are viable on a long-term basis to close or change from their existing defined benefit basis. The precise details of this approach are a matter for the Pensions Board, which is the statutory regulator. I understand that the funding requirement, on a case-by-case basis and in certain circumstances, will be set at 85% – compared to 100% at present – and that the funding proposal can refer to a period of up to ten years, rather than the current three and a half years. The board must consider that these modifications are necessary, are related to the performance of investment markets and are not contrary to members' interests.