PSI20.2.18 - Funding and Surpluses: Self-Administered Schemes - Form of Actuarial Reports - Valuation Results

(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)

The result of the actuary’s calculations is the preparation of an actuarial balance sheet. This is not the same as a normal accountancy balance sheet which shows the actual assets and liabilities of the company on a specific day. An actuarial balance sheet compares the actual and potential liabilities of the scheme with its actual and potential resources. The actuary takes into account not only the pensions at present being paid but also those earned by service to date and those to be earned by future service. Against this are set the present assets of the scheme plus future contributions, future income and capital gains or losses.

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