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Pensions in 30: 8. Ongoing scheme funding
Manage episode 182380817 series 1460512
Key points
- Most defined benefit pension schemes are funded through a combination of employer contributions and investment returns, although the requirement for member contributions is increasing
- Rules exist that seek to ensure that pension schemes will be able to afford to pay member benefits when they fall due
- Pension schemes have an ongoing "statutory funding objective" to have sufficient and appropriate assets to cover their technical provisions (i.e. the actuarially-assessed value of each scheme's liabilities)
- Pension schemes must undergo an actuarial valuation every three years in accordance with section 224 of the Pensions Act 2004
- Trustees must put in place various documents as part of an actuarial valuation, including a statement of funding principles (section 223 of the Pensions Act 2004), a recovery plan (section 226 of the Pensions Act 2004) and a schedule of contributions (section 227 of the Pensions Act 2004)
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3B3dZN3
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
Manage episode 182380817 series 1460512
Key points
- Most defined benefit pension schemes are funded through a combination of employer contributions and investment returns, although the requirement for member contributions is increasing
- Rules exist that seek to ensure that pension schemes will be able to afford to pay member benefits when they fall due
- Pension schemes have an ongoing "statutory funding objective" to have sufficient and appropriate assets to cover their technical provisions (i.e. the actuarially-assessed value of each scheme's liabilities)
- Pension schemes must undergo an actuarial valuation every three years in accordance with section 224 of the Pensions Act 2004
- Trustees must put in place various documents as part of an actuarial valuation, including a statement of funding principles (section 223 of the Pensions Act 2004), a recovery plan (section 226 of the Pensions Act 2004) and a schedule of contributions (section 227 of the Pensions Act 2004)
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3B3dZN3
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
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