PSI20.2.2 - Funding and Surpluses: Self-Administered Schemes - The Actuary

(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)

You can accept actuarial reports and certificates signed by any Fellow of the Institute of Actuaries (FIA) or Faculty of Actuaries (FFA). This applies whether the actuary is in practice in an individual capacity, in partnership with similarly qualified actuaries or employed by an insurance company or firm of insurance brokers. Some pensions advisory companies employ qualified actuaries but submit reports signed over the company’s name. These reports are normally acceptable but if you receive a report from a company not previously known to the Office find out the professional qualifications of the author. The Pension Scheme Surpluses (Valuation) Regulations provide that in addition to an FIA or FFA, an actuarial report or certificate may be signed by a person with other actuarial qualifications who has been approved as being a proper person to act for the purposes of regulation 8 of the Occupational Pension Schemes (Disclosure of Information) Regulations 1986 in connection with the scheme. However, this is a general principle which goes wider than just those schemes which fall within the scope of the Valuation Regulations. If you have any doubts over the signatory to a report or certificate refer the case to Technical Support Section for consideration.

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