PSI20.5.16 - Funding and Surpluses: Insured Schemes - Common Trust Funds - Managed Fund Policies- Actuarial Reports/Certificates

(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)

A scheme funded solely by managed fund policies is still, for our purposes, insured. The Occupational Pensions Board on the other hand regard managed fund policies as a form of self-administration, and contracted-out schemes must therefore submit actuarial solvency certificates to that Office. This does not affect our treatment of the scheme. Some schemes using managed fund policies are required to submit actuarial reports or certificates to this Office (see PSI20.5.3). The procedures for identifying and dealing with these cases are set out in PSI22.4.28.

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