eAlert, 23 June 2010

The Transfers Appendix to the 2010/11 Levy determination issued by the Pension Protection Fund requires that, following a bulk transfer, the Transferring and Receiving Schemes each provide by 30 June 2010 a Post-Transfer Valuation (in accordance with the s179 requirements). The PPF allows this Post-Transfer Valuation to be based on an asset value that has not been audited, but nevertheless requires that the actuary certify that the value of the assets is unlikely to be overstated.

Scheme Actuaries are reminded that, under the Actuaries Code, actuaries "will not act ... unless they have an appropriate level of relevant knowledge and skill" and are asked to consider carefully whether, in the light of this and in the circumstances of the pension scheme in question, they are able to give the statement sought by the PPF.

Further information on how to comply with these requirements can be found here.