PSI20.6.11 - Funding and Surpluses: Surpluses - General - Unallocated or Contingency Funds - Actuarial Valuations

(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)

[PN13.4]

Insured schemes whose policies do not take account of surpluses and self- administered schemes with 12 or more members are now required to carry out actuarial valuations at intervals of not more than 3½ years in general. These valuations must use the method and actuarial assumptions prescribed in the Pension Scheme Surpluses (Valuation) Regulations 1987 as amended but the actuary may continue to use other methods and other assumptions for other purposes (see PSI20.8.22-23).

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