PSI20.4.9 - Funding and Surpluses: Insured Schemes - Earmarked Policies - Basis Of Selection

(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 monitoring of continued funding bases of schemes/arrangements is included as part of our expanding compliance audit function. Following the introduction of the new funding basis (see PSI20.4.3) Life Offices are being approached on a random sampling basis for details of the funding calculations for schemes/arrangements. The responsibility for selecting the schemes/arrangements, obtaining the necessary information, carrying out the funding checks and taking the appropriate action following the checks rests with Compliance Audit Section.

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