MFR is intended to provide security for members of defined benefit schemes in the event of their employer becoming insolvent and making further contributions to the scheme. Schemes must hold a minimum level of assets to meet its liabilities and set out a time scale within which any underfunding must be addressed. An MFR valuation must be conducted by the scheme actuary at least every third year. Following the Pensions Bill (February 2004) MFR will be replaced in 2005 by scheme-specific funding requirements allowing schemes greater flexibility in developing funding strategies appropriate to their circumstances. The Bill also introduces the concept of full buyout that will affect solvent employers who wind up their defined benefit schemes.