GN28: Retirement benefit schemes - adequacy of benefits for contracting out. Version 2.0. Covering letter

Document description

Covering letter to Version 2.0 of GN28 which came into force on 5 December 2005. This Guidance Note assists actuaries signing the Reference Scheme Test certificate required by HM Revenue and Customs in relation to the adequacy of benefits to contract-out of the State Second Pension. The Minimum Funding Requirement (MFR) of the Pensions Act 1995 has been removed under the powers of the Pensions Act 2004. As there is a reference to the MFR in GN28, GN28 needs to be updated to replace this reference. Also the Civil Partnership Act 2004 together with the Civil Partnership (Contracted-out Occupational and Appropriate Personal Pension Schemes)(Surviving Civil Partners) Order 2005, which comes into force on 5 December 2005, affect GN28.