10.8 The PRA has considered the responses to Chapter 10 of CP19/23. Feedback to the responses has been grouped into the following broad headings:
- CBA baseline;
- assessment of costs and benefits;
- benefits;
- costs;
- impact on asset allocation and annuity pricing; and
- CBA summary.
CBA baseline
10.9 The PRA set out the baseline for the CBA in CP19/23 as being the current onshored legislative framework as supplemented by PRA Rulebook material in force, together with the anticipated (at the time of the CP publication) legislation in line with the November 2022 statement. The IRPR Regulations were made and then laid by Government in December 2023, after the CP was published, and were in line with the approach anticipated by the PRA at the time of publication.
10.10 Five respondents to Chapter 2 considered that the thresholds on the additional matching tests for firms holding assets with HP cash flows were too low.
10.11 Having considered the response, the PRA notes that its baseline
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