Document library
-
- Author:
- Pensions Board
- Source:
- Scheme Actuary letter
GN11: Retirement benefit schemes - transfer values. Version 9.3. Letter from the Chairman of the Pensions Board
The Board for Actuarial Standards (BAS) has published an amended version (v9.3, effective 1 February 2008) of GN11 v9.2. This changes the wording of the specimen certificate in Appendix A, to reflect correctly that GN11 is now published by the BAS. The BAS ... read more >>
-
- Author:
- Pensions Board\; Ronnie Bowie
- Source:
- Scheme Actuary letter
Pensioner mortality investigation
You may be aware that in November 2000 the Continuous Mortality Investigation (CMI) carried out a pilot investigation into the mortality experience of pensioners in self-administered occupational pension schemes. The results of this work were published in ... read more >>
-
- Author:
- Pensions Board\; Ronnie Bowie
- Source:
- Scheme Actuary letter
Professional responsibilities in volatile markets
Scheme Actuaries will be aware that there has been much press comment of late about the falls in world equity markets and the effect on pension schemes. Whilst the statutory certification system in place at the current time is sufficiently robust to cope ... read more >>
-
- Author:
- Pensions Board\; Peter Tompkins
- Source:
- Scheme Actuary letter
GN27 and MFR Specimen Calculations
The Board wishes to clarify a matter relating to the status of the Specimen Calculations 1. It has come to our attention that many scheme actuaries may believe that the steps inherent in those Specimen Calculations must always be strictly followed. That is ... read more >>
-
- Author:
- Pensions Board\; Peter Tompkins
- Source:
- Scheme Actuary letter
GN11: Retirement benefit scheme - transfer values. Version 8.1. Covering lettter to Scheme Actuaries
I attach a letter which will be sent to all members in a despatch in the week beginning 26 March 2001. Please note that the revised GN11 Version 8.1 will not be available as part of the Manual of Actuarial Practice until it becomes effective on 6 April ... read more >>
-
- Author:
- Pensions Board\; Peter Tompkins
Review of the minimum funding requirement: interim changes
The May 2000 report of the Pensions Board to the Government in relation to the MFR review sets out, at Section 5.1, three 'interim' changes which the profession has recommended should be made to the current MFR test, in advance of any longer term changes ... read more >>
-
- Author:
- Pensions Board\; Mike Pomery
- Source:
- Scheme Actuary letter
Pensions Act 1995: schedule of contributions
We have heard from auditors and Opra of problems being encountered by auditors at the end of year audit in relation to schedules of contributions (SoC). There are common themes underlying these problems which, at their least serious, cause the auditor to ... read more >>
-
- Author:
- Pensions Board\; Mike Pomery
- Source:
- Scheme Actuary letter
GN28: Retirement Benefit Schemes - Adequacy of Benefits for Contracting-out on or after 6 April 1997
Occupational Pension Schemes which are contracted-out on a salary related basis are required to have a Reference Scheme Test certificate signed by a Scheme Actuary. It is important to note that in signing the certificate the Actuary must consider not only ... read more >>
-
- Author:
- Pensions Board; Mike Pomery
- Source:
- Scheme Actuary letter
GN 19: Retirement Benefit Schemes - Winding up and Scheme Asset Deficiency
Revisions to GN27 effective from 15 June 1998 and 1 June 1999 can affect actuarial calculations under GN19 in some circumstances. In addition to deficiency calculations where the applicable time determines the appropriate version of GN27 to use, you should ... read more >>
-
- Author:
- Pensions Board\; Mike Pomery
- Source:
- Scheme Actuary letter
Cash equivalent bases
The Board has been discussing the effect of improving mortality and lower inflationary expectations on cash equivalent bases. 28 April, 1999 To All Scheme Actuaries Dear Scheme Actuary Cash Equivalent Bases The Board has been discussing the effect of ... read more >>
-
- Author:
- Pensions Board\; Mike Pomery
- Source:
- Scheme Actuary letter
Review of the Minimum Funding Requirement
I am very pleased to inform you that the Government has asked the actuarial profession, through the Pensions Board of the Faculty & Institute of Actuaries, to carry out a wide ranging review of the Minimum Funding Requirement. 3 March, 1999 To All ... read more >>
-
- Author:
- Pensions Board\; Harvie Brown
- Source:
- Scheme Actuary letter
GN 27: Retirement Benefit Schemes - Minimum Funding Requirement (with references to GN11 and GN 19)
Following my letter to you on 5 June 1998 when I announced a change to GN27, I would point out that since the FT-SE Actuaries All-Share Index did not publish a net dividend yield before the 30 September 1997, the gross dividend yield on the FT-SE Actuaries ... read more >>
-
- Author:
- Pensions Board\; Harvie Brown
- Source:
- Scheme Actuary letter
GN 27: Retirement Benefit Schemes - Minimum Funding Requirement (with references to GN 11 and GN 19)
The Parliamentary Under-Secretary of State, Department of Social Security, John Denham MP, has agreed the following change to GN27 on behalf of the Secretary of State. A revised version (1.3) of GN27 will be issued to all members shortly but in the ... read more >>
-
- Author:
- Pensions Board\; Harvie Brown
- Source:
- Scheme Actuary letter
Advance Corporation Tax: abolition of tax credits for pension funds.
Following the abolition of Tax Credits for Pension Funds, the pensions Board has been discussing with the DSS the long term and short term options with regard to the Minimum Funding Requirement and Transfer Values. Attached is the exchange of letters ... read more >>