PSI20.2.9 - Funding and Surpluses:
Self-Administered Schemes - Form of Actuarial Reports
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(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 form of actuarial reports and the amount of detail they
contain varies between the different firms of consulting actuaries.
Guidance Note (GN9) jointly issued by the Institute and Faculty of
Actuaries regulates what actuaries must include in such reports.
But most reports are broken down into:
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An Introduction which sets out the object of the
valuation and often outlines the benefit structure and reviews
changes affecting the scheme since the previous valuation.
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Experience of the Scheme - a review of the
membership of the scheme, investments, experience of the fund,
salary changes and mortality since the previous valuation.
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The Valuation Basis which will set out the various
actuarial assumptions adopted and may compare them with those
employed in the previous valuation.
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The Valuation Result which will show the result of
the valuation and indicate whether the scheme is in surplus or
deficit.
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Conclusion. This will contain the actuary’s
recommendations to deal with the surplus or deficit.
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