When I first defined the DVR concept, most UK consulting actuaries valued assets for funding purposes by discounting prospective  proceeds (as opposed to taking in the assets at market  value). In recent years, there has been increasing pressure towards the use of market values, accompanied by changes to the  liabilities.

At the time of writing, the draft accounting standard (FRED20) has now become a full accounting standard (FRS17). While this relates to the statements within company accounts, it seems increasingly likely that the same approach will  become the standard  underlying advice tendered to the trustees.

As this trend grows, it will lead to trustees only receiving figures denominated in market  values. To my mind, this simply does not provide a satisfactorily firm  base for trustees planning ahead for the long term.