PSI20.2.1 - Funding and Surpluses: Self-Administered Schemes - General

(This archived guidance relates to HMRC discretionary practice before the 6th April 2006. For current guidance on Registered Pension Schemes see the Registered Pension Schemes Manual)

Where a scheme is wholly insured the Life Office tells the trustees what level of contributions (applied as premiums under a policy or policies) are required to fund the desired level of benefits. But where the trustees invest contributions directly, no such advice is available from the vendor of the investment. If we are to be satisfied that such a scheme is funded on an acceptable and sound basis, with adequate regard for Revenue interests, the trustees must appoint an actuary to advise them.

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