BBC Pension Scheme STATEMENT OF FUNDING PRINCIPLES
|
|
- Esther Barnett
- 6 years ago
- Views:
Transcription
1 BBC Pension Scheme STATEMENT OF FUNDING PRINCIPLES
2 funding Introduction This statement has been prepared by the directors of BBC Pension Trust Ltd (the Trustees), having been advised by the Actuary. It has been agreed with the British Broadcasting Corporation (the BBC). Together with the statement of investment principles it sets out how the BBC Pension Scheme (the Scheme) s technical provisions are calculated and how the Trustees expect to meet the statutory funding objective 3. Regular valuations are obtained by the Trustees to check whether the statutory funding objective has been met. The results of each valuation form the basis for decisions about future contributions to the Scheme, including whether a recovery plan is needed to restore funding to the level of the technical provisions. Technical Provisions Method The method chosen to calculate the technical provisions is known as the projected unit method. It aggregates the present capital value of prospective benefits on the effective date of the valuation for: pensioners, deferred pensioners and their dependants, allowing for future increases in pensions in payment and prospective pensions; and active members in respect of past service, allowing for increases in projected pensionable salaries up to their assumed exit date and for pension increases thereafter. Assumptions In addition: the discount rates used to calculate the capital value of future cashflows will be prudent estimates of the investment returns expected to be achieved on a notional portfolio of assets supporting the liabilities; the remaining financial assumptions, in particular future price inflation, will take into account information available in respect of financial markets at the effective date of the valuation; and statistical assumptions will have regard to an analysis of recent changes in the Scheme membership as well as relevant statistics applicable to similar pension schemes, and the views of the Trustees and the BBC about how these may change in future. The Actuary is the actuary appointed under rule 5. of the Scheme and is currently Alison Blay FIA of Watson Wyatt Ltd. The Pensions Act 004 defines technical provisions as the amount required to make provision for a pension scheme s liabilities, as assessed under an actuarial valuation. 3 The statutory funding objective is that every pension scheme should have sufficient and appropriate assets to cover its technical provisions.
3 In setting the financial assumptions, the Trustees may assume that the Scheme will be able to capture part of the investment premium for returnseeking assets held by the Scheme. They acknowledge that the additional return is not guaranteed, and it may be necessary to request further contributions if investment performance is worse than expected. Taken together, the assumptions adopted at a particular date will be prudent and consistent with the Trustees chosen level of confidence that the technical provisions will prove adequate to meet accrued benefits as they fall due, without the need for further contributions. In choosing the assumptions the Trustees will take account of the advice from the Actuary and reach agreement with the BBC. Details of the main financial and statistical assumptions (including sample rates) adopted are shown in the appendix to this statement. Funding strategy concerning discretionary benefits and discretionary increases No allowance has been made for advance funding of discretionary benefits or increases, other than as detailed in the appendix. Expenses Investment management costs are assumed to be met out of future investment income. The valuation discount rates are therefore net of such costs. Administrative and other noninvestment expenses are met from the Scheme, excluding pension protection fund levies. A reserve is included in the technical provisions in respect of the administration expenses. 3 Eliminating a shortfall Any funding shortfall identified by an actuarial valuation will be eliminated as quickly as the BBC can reasonably afford, by payment of additional contributions over an agreed recovery period and taking into account the expected returns on the assets held by the Scheme. When determining a recovery plan the Trustees will take into account the following factors: size of the shortfall; the risk that the value of the Scheme s assets may deteriorate further against the technical provisions and against the solvency liabilities of the Scheme; and strength of the BBC s covenant, its business plans and any contingent security it can offer. If there is a recovery plan in place, the period over which the shortfall will be met will be included in the appendix to this statement. 4 Frequency of actuarial valuations In the normal course of events the Trustees will request valuations at intervals of three years. In the intervening years the Actuary will provide a report on the estimated financial position of the Scheme relative to the statutory funding objective. The Trustees can request a formal valuation at any date. Before doing so they will consider the advice of the Actuary and consult the BBC. principles
4 funding 5 Arrangements for other parties to contribute to the Scheme There are no arrangements for persons other than Participating Employers and active members to contribute to the Scheme. 6 Paying funding surpluses to Participating Employers Scheme rules limit the circumstances in which surplus can be transferred to Participating Employers. In broad terms, it can only happen on winding up, after members' benefits have been secured in full with an insurance company, and subject to the power the Trustees would have to augment benefits up to Scheme limits. 7 Cash equivalent transfers At each valuation the Trustees ask the Actuary to advise them whether the Scheme s assets are sufficient to provide cash equivalent transfers, based on the method and assumptions currently used, for all active members and deferred pensioners without prejudicing the benefits of pensioners and other prospective beneficiaries. Provided the Actuary is able to give them such an assurance, it is their policy not to reduce cash equivalent transfers paid to members. 8 Dates of review of this statement This statement will be reviewed and if necessary revised: within 5 months after the effective date of each actuarial valuation; or within a reasonable period after the pensions regulator has used its powers to: modify future accrual in the Scheme; stipulate how the Scheme s technical provisions are to be calculated; determine the length of a recovery plan; or impose a schedule of contributions. At the effective date of this statement the pensions regulator had not used any such powers against the Scheme; or at any other time the Trustees judge it to be necessary. The effective date of this statement is the later of the two dates below. Participating Employers means the BBC and any associated employer that has entered into a covenant with the Trustees to observe and perform the provisions of the BBC Pension Scheme. Participating Employers are listed in the Scheme s annual report and accounts.
5 Appendix Technical Provisions Having taken the advice of the Actuary, the Trustees and the BBC have agreed the following assumptions for the valuation as at April 007: Financial assumptions In setting the discount rates, a notional portfolio of assets has been assumed comprising: 00% returnseeking assets in respect of liabilities for active members and deferred pensioners (the preretirement discount rate ); and 30% returnseeking assets and 70% bonds in respect of liabilities for current and future pensioners (the postretirement discount rate ). % pa Price inflation (Retail Prices Index) 3.0 Career Average Benefits revaluation 3.0 Pension increases Old Benefits 3.0 New Benefits.8 Career Average Benefits.5 Pay increases (including promotional allowance) in the period to April in the period from April Increases to Scheme earnings cap 3.0 Discount rates preretirement 6.7 postretirement 5.3 The confidence levels associated with the pre and postretirement discount rates are 63% and 67% respectively with reference to the Watson Wyatt Global Asset Model (measured over a 0 year period). Demographic assumptions as at April 007 See Schedule A to Appendix. Financial assumptions as at April 00 In setting the postretirement discount rate at the actuarial valuation due in 00, a notional portfolio of assets will be assumed comprising 0% returnseeking assets and 80% bonds in respect of liabilities for current and future pensioners. Demographic assumptions as at April 00 The allowance for future improvements in mortality for the actuarial valuation due in 00 will not be less than the medium cohort projection with a minimum improvement of % pa, unless there is compelling evidence that such an allowance would be overly prudent. principles
6 funding Appendix Funding strategy concerning discretionary benefits and discretionary increases Allowance is made for Career Average Benefits to increase up to retirement or death, if earlier, in line with the retail prices index. Active members can retire voluntarily before normal retirement age with the consent of the BBC. The reductions applied to their pensions are determined by the Trustees and the BBC, having consulted the Actuary. The voluntary early retirement terms currently offered under the provisions for Old and New Benefits are generally favourable to members. The Actuary has made an allowance for a number of active members to retire each year from age 50 onwards (age 55 onwards for those who reach age 50 after 00) to take account of these favourable terms see schedule A attached to the appendix. Old and New Benefits deferred pensioners are assumed to retire at age 60, but an additional allowance is included for the value of the favourable early retirement terms available for such members. A member may be given an illhealth pension with the consent of the BBC, based on suitable medical evidence as to his or her state of health. This is on enhanced terms and the allowance made by the Actuary in her calculations is based on the experience of the Scheme. Expenses An allowance of 00m is included in the technical provisions in respect of administrative and other noninvestment related expenses. The BBC is responsible for paying the pension protection fund levies. Eliminating a shortfall There is no funding shortfall in the Scheme as at April 007 and hence no recovery plan in place.
7 Schedule A to Appendix. Demographic assumptions In service specimen rates per,000 members at each age O ld and N ew Benefits members W ithdrawal Rates Mortality Rates Illhealth O ther Early Retirement Rates Retirement Rates* Age Men W omen Men W omen Men W omen Men W omen * Members born after 5 April 960 are assumed not to retire before age 55 Career Average Benefits members W ithdrawal Rates Mortality Rates Illhealth O ther Early Retirement Rates Retirement Rates* Age Men W omen Men W omen Men W omen Men W omen * There is no allowance for Career Average Benefits members to retire before age 65, other than due to illhealth, because it is assumed that early retirements are on actuarially neutral terms. principles
8 funding All members Base table reflecting current mortality experience Active members' postretirement mortality* Members Spouses Pensioners Pensioners' mortality Spouses' mortality Men PFAC07MC+ PFAC07MC+ Deferred Pensioners' postretirement mortality Former members' mortality Spouses' mortality PFAC07MC+ * adjusted if retirement is on illhealth grounds W omen PFAC07MC+ PFAC07MC+ PFAC07MC+ An allowance has been made in the technical provisions for future improvements in mortality after the valuation date for all members in line with the medium cohort projections. A further allowance has been included equal to half of the difference between: the value of the accrued liabilities assuming medium cohort projections: with a minimum rate of improvement in mortality of % pa, and with no minimum rate of improvement in mortality. The further allowance is broadly equivalent to an increase in the accrued liabilities of %. An allowance has been made for members to commute part of their pension on retirement by reference to the financial and demographic assumptions at April 007 and current commutation terms. The age difference (husband wife) is assumed to be 3 years. The proportion of members assumed to be married depends on age at retirement. It is 80% for males and 70% for females at age 60 for current pensioners and 93% for males and 80% for females at age 60 for active members and deferred pensioners. These assumptions include an allowance for pensions to be paid to discretionary dependants.
9
10 Produced by: Pension and Benefits Centre Telephone: Fax: mypension@bbc.co.uk Website: bbc.co.uk/mypension July 008
BBC Pension Scheme STATEMENT OF FUNDING PRINCIPLES
BBC Pension Scheme STATEMENT OF FUNDING PRINCIPLES funding principles. Introduction Statement of Funding Principles for the BBC Pension Scheme This statement has been prepared by the Trustees of the BBC
More informationThe Metal Box Pension Scheme. Statement of Funding Principles
The Metal Box Pension Scheme Statement of Funding Principles This statement has been prepared by the Trustee of The Metal Box Pension Scheme ( the Scheme ) to satisfy the requirements of Section 223 of
More informationXerox Final Salary Pension Scheme. 1. Introduction. 2. Statutory funding objective. Statement of funding principles March 2008
Xerox Final Salary Pension Scheme Statement of funding principles March 2008 1. Introduction This statement has been prepared by Xerox Pensions Limited (the Trustees ) acting in its capacity as the Trustee
More informationBBC Pension Scheme. Actuarial valuation as at 1 April June willistowerswatson.com
BBC Pension Scheme Actuarial valuation as at 1 April 2016 30 June 2017 willistowerswatson.com 1 Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions funding
More informationPENSION AND ASSURANCE SCHEME FOR LAY EMPLOYEES OF THE METHODIST CHURCH
PENSION AND ASSURANCE SCHEME FOR LAY EMPLOYEES OF THE METHODIST CHURCH Statement of Funding Principles 1. Status This statement was prepared by the Trustee on 4 March 2009 for the purposes of the actuarial
More informationThe New Airways Pension Scheme Actuarial Valuation as at 31 March 2006
The New Airways Pension Scheme Actuarial Valuation as at 31 March 2006 The New Airways Pension Scheme Report on the actuarial valuation as at 31 March 2006 To the Management Trustees and to British Airways
More informationSCHEME FUNDING REPORT OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 THE CO-OPERATIVE PENSION SCHEME (PACE) 21 July 2014
OF THE ACTUARIAL VALUATION AS AT 5 APRIL 2013 21 July 2014 CONTENTS 1. Introduction... 1 2. Key results of the scheme funding assessment... 2 3. Experience since last valuation... 5 4. Projected future
More informationHSBC Bank (UK) Pension Scheme HSBC Global Services Section
HSBC Bank (UK) Pension Scheme HSBC Global Services Section Actuarial valuation as at 31 December 2016 1 July 2018 willistowerswatson.com Summary The HSBC Bank (UK) Pension Scheme was segregated into two
More informationICI Specialty Chemicals Pension Fund
ICI Specialty Chemicals Pension Fund 15 May 2015 Summary The main results of the Fund s actuarial valuation are as follows: Technical provisions funding level as at 31 March 2014 has decreased to 91.1%
More informationReport on actuarial valuation as at 31 December Church Workers Pension Fund
Report on actuarial valuation as at 31 December 2016 Church Workers Pension Fund 3377205 Page 1 of 32 Church Workers Pension Fund Report on actuarial valuation as at 31 December 2016 As instructed, we
More informationGuidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004
Contents Part 1 Part 2 Effective date of guidance Overview 2.1 Introduction 2.2 Purpose of this guidance 2.3 Legislative requirements 2.4 Legislation or authority for actuarial valuations Part 3 Financial
More informationBBC Pension Scheme. Actuarial report as at 1 April July willistowerswatson.com
BBC Pension Scheme Actuarial report as at 1 April 2017 25 July 2017 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation are as follows:
More informationActuarial valuation as at 31 December 2015
Actuarial valuation as at 31 December 2015 Rentokil Initial 2015 Pension Scheme ('the Scheme') Prepared for Rentokil Initial Pension Trustee Limited ('the Trustee') Prepared by David Lindsay FIA, Scheme
More informationGN 27: Retirement Benefit Schemes - Minimum Funding Requirement
Faculty and Institute of Actuaries Guidance note GN27 V1.0. (06.04.1997) GN 27: Retirement Benefit Schemes - Minimum Funding Requirement Classification Practice Standard Application An actuary to an occupational
More informationCARILLION (DB) PENSION TRUSTEE LIMITED
MERCER CARILLION (DB) PENSION TRUSTEE LIMITED ACTUARIAL VALUATIONS AS AT 31 DECEMBER 2011 - CARILLION STAFF PENSION SCHEME - MOWLEM STAFF PENSION AND LIFE ASSURANCE SCHEME - ALFRED MCALPINE PENSION PLAN
More informationICI Specialty Chemicals Pension Fund
ICI Specialty Chemicals Pension Fund Actuarial report as at 31 March 2018 11 October 2018 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation
More informationTHE TEACHERS PENSION SCHEME (ENGLAND AND WALES) ACTUARIAL REVIEW AS AT 31 MARCH 2004 REPORT BY THE GOVERNMENT ACTUARY
THE TEACHERS PENSION SCHEME (ENGLAND AND WALES) ACTUARIAL REVIEW AS AT 31 MARCH 2004 REPORT BY THE GOVERNMENT ACTUARY November 2006 To: The Rt. Hon. Alan Johnson MP Secretary of State for Education and
More informationNew British Steel Pension Scheme
New British Steel Pension Scheme Actuarial factors Technical note This note has been prepared on behalf of the Trustee to help members of the New British Steel Pension Scheme (the Scheme ) and their financial
More informationAkzo Nobel (CPS) Pension Scheme
Akzo Nobel (CPS) Pension Scheme Actuarial valuation as at 31 March 2015 23 March 2016 willistowerswatson.com Summary The main results of the Scheme s actuarial valuation are as follows: Technical provisions
More informationMunich Holdings of Australasia Pty Limited Superannuation Scheme. Annual actuarial review as at 31 December 2017
www.pwc.com.au Munich Holdings of Australasia Pty Limited Superannuation Scheme Annual actuarial review as at 31 December 2017 PricewaterhouseCoopers Securities Ltd ACN 003 311 617 ABN 54 003 311 617 Holder
More informationThe National Assembly for Wales Members Pension Scheme
The National Assembly for Wales Members Pension Scheme Valuation as at 1 April 2014 Date: 26 March 2015 Authors: Martin Clarke FIA and Ian Boonin FIA Contents 1 Summary 1 2 Introduction 4 3 Contributions
More informationThe Report must not be used for any commercial purposes unless Hymans Robertson LLP agrees in advance.
Hymans Robertson LLP has carried out an actuarial valuation of the Lincolnshire County Council Pension Fund ( the Fund ) as at 31 March 2010, details of which are set out in the report dated 23 ( the Report
More informationXerox Final Salary Pension Scheme
Xerox Final Salary Pension Scheme Actuarial report as at 31 March 2017 4 January 2018 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation
More informationGuidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004
Contents Part 1 Part 2 Effective date of guidance Overview 2.1 Introduction 2.2 Purpose of this guidance 2.3 Legislative requirements 2.4 Legislation or authority for actuarial valuations Part 3 Financial
More informationIAG & NRMA SUPERANNUATION PLAN REPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2018
STATEMENT OF ADVICE REPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2018 23 NOVEMBER 2018 CONTENTS 1. Key Results and Recommendations... 1 1.1. Financial Position as at 30 June 2018...
More informationACTUARIAL VALUATION as at 30 June 2015
B.20a Report on the ACTUARIAL VALUATION as at 30 June 2015 2015 Presented to the House of Representatives pursuant to section 94 of the Government Superannuation Fund Act 1956 Contents 1. INTRODUCTION
More informationLocal Authorities Superannuation Fund Report on the Actuarial Investigation as at 30 June The City of Melbourne Plan. Statement of Advice
Local Authorities Superannuation Fund Report on the Actuarial Investigation as at 30 June 2017 The City of Melbourne Plan Statement of Advice Towers Watson Australia Pty Ltd ABN 45 002 415 349 AFSL 229921
More informationCambridge Colleges Federated Pension Scheme. Report on the. Actuarial Valuation as at 31 March 2005
Cambridge Colleges Federated Pension Scheme Report on the Actuarial Valuation as at 31 March 2005 Paul R Barnes FIA Barnes & Sherwood Ltd Barnes & Sherwood House 95 Maybury Road, Woking Surrey, GU21 5JL
More informationDALHOUSIE UNIVERSITY STAFF PENSION PLAN REPORT ON THE ACTUARIAL VALUATION AS AT MARCH 31, 2017 NOVEMBER 2017 PREPARED BY:
DALHOUSIE UNIVERSITY REPORT ON THE ACTUARIAL VALUATION (REGISTRATION NO. C242297) NOVEMBER 2017 PREPARED BY: 1969 UPPER WATER STREET, SUITE 503 HALIFAX, NOVA SCOTIA B3J 3R7 TABLE OF CONTENTS SECTION PAGE
More informationLocal Government Pension Scheme (England and Wales) Actuarial valuation as at 31 March 2013 Advice on assumptions
Date: 2 February 2015 Authors: Ian Boonin FIA Michael Scanlon FIA Contents page 1 Executive summary 1 2 Introduction 7 3 General considerations 10 4 Pensioner mortality 12 5 Age retirement from service
More informationHEALTH SUPER DB FUND REPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2016 STATEMENT OF ADVICE
19 August 2016 HEALTH SUPER DB FUND (A SUB-FUND OF THE FIRST STATE SUPERANNUATION SCHEME) STATEMENT OF ADVICE REPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2016 Contents 1. Key results
More information2013 VA. The Report must not be used for any commercial purposes unless Hymans Robertson LLP agrees in advance.
2013 VA Hymans Robertson LLP has carried out an actuarial valuation of the Lincolnshire Pension Fund ( the Fund ) as at 31 March 2013, details of which are set out in the report dated 21 ( the Report ),
More informationINVESTIGATIONS OF THE FINANCIAL CONDITION OF DEFINED BENEFIT SUPERANNUATION FUNDS
PROFESSIONAL STANDARD 400 INVESTIGATIONS OF THE FINANCIAL CONDITION OF DEFINED BENEFIT SUPERANNUATION FUNDS INDEX 1 INTRODUCTION 3 1.1 Application 3 1.2 Classification 3 1.3 Background 3 1.4 Purpose 4
More informationXerox Final Salary Pension Scheme
Xerox Final Salary Pension Scheme Actuarial report as at 31 March 2018 24 October 2018 willistowerswatson.com Summary The main results of this actuarial report and those from the latest actuarial valuation
More informationCARIBBEAN ACTUARIAL ASSOCIATION. Caribbean Actuarial Association Standard of Practice. APS 1: Pension Schemes Actuarial Valuation Reports
CARIBBEAN ACTUARIAL ASSOCIATION Caribbean Actuarial Association Standard of Practice APS 1: Pension Schemes Actuarial Valuation Reports Approved: November 16, 2012 Table of Contents 1 SCOPE, APPLICATION
More informationSummary Report. with news from the Trustees 2017
Summary Report with news from the Trustees 2017 Welcome to our new-look summary report, which gives you the highlights from the BBC Pension Scheme (the Scheme). It has been another busy year for the Scheme.
More informationOccupational and Personal Pension Schemes
GOVERNMENT ACTUARY S DEPARTMENT Occupational and Personal Pension Schemes REVIEW OF CERTAIN CONTRACTING-OUT TERMS Reports by the Government Actuary and the Secretary of State for Social Security in accordance
More informationGN11(ROI): RETIREMENT BENEFIT SCHEMES TRANSFER VALUES
GN11(ROI): RETIREMENT BENEFIT SCHEMES TRANSFER VALUES Classification Practice Standard MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE PROFESSIONAL CONDUCT STANDARDS, AND THAT GUIDANCE NOTES
More informationCYTA. Actuarial Funding Valuation of Pension Scheme as at 31 December Aon Hewitt Consulting Retirement
CYTA Actuarial Funding Valuation of Pension Scheme as at 31 December 2014 Aon Hewitt Consulting Retirement Contents 1 Introduction to Funding 2 Principles of Funding 3 Membership Data / Plan Assets / Cashflows
More informationA message from the Trustees
A message from the Trustees Welcome to the Luxfer Group Pension Plan. The Plan gives you an easy and cost-effective way to arrange your pension provision in retirement and to provide security for your
More informationThe Cheviot Pension. Actuarial valuation as at 31 December June 2018
The Cheviot Pension Actuarial valuation as at 31 December 2017 June 2018 . The Cheviot Pension actuarial valuation as at 31 December 2017 Valuation highlights I have carried out an actuarial valuation
More informationSurrey Pension Fund 2016 Actuarial Valuation Valuation Report March 2017
Surrey Pension Fund 2016 Actuarial Valuation Valuation Report March 2017 Barry McKay Fellow of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP Hymans Robertson LLP has
More informationTelecommunication Workers Pension Plan. Funding Policy. Purpose. Background
Telecommunication Workers Pension Plan Funding Policy Purpose The purpose of this policy is to outline the principles that will guide the Board of Trustees (the Trustees ) of the Telecommunication Workers
More informationA message from the Trustees
LUXFER GROUP PENSION PLAN A message from the Trustees Welcome to the Luxfer Group Pension Plan. Following discussions with the Company through 2015 the Plan closed in April 2016 and the members of the
More informationA Guide to your 2017 Annual Benefit Statement - Deferred members
A Guide to your 2017 Annual Benefit Statement - Deferred members Your annual benefit statement provides information about the benefits you have in the BBC Pension Scheme as at 1 April 2017. This guide
More informationPensions - Before you Begin Guide
Pensions - Before you Begin Guide This guide contains information to help you prepare to use the FCNB Portal to register a pension plan or submit a related filing. Portal functionality: Please take a moment
More informationInstitute of Actuaries of India
Institute of Actuaries of India Subject SA4: Pension & Other Employee Benefits May 2014 Examination INDICATIVE SOLUTION Introduction The indicative solution has been written by the paper setters with the
More informationA-Z of pensions and actuarial terminology
A-Z of pensions and actuarial terminology Version 1.0 July 2013 A-Z of pensions and actuarial terminology Status of this information This document is intended to be a general guide to some of the most
More informationClwyd Pension Fund Actuarial valuation report as at 31 March 2010
Actuarial valuation report as at 31 March 2010 March 2011 Actuarial valuation as at 31 March 2010 Limited is authorised and regulated by the Financial Services Authority Registered in England No. 984275
More informationSolvency protection for private pension systems background note on United Kingdom perspective
Solvency protection for private pension systems background note on United Kingdom perspective George Russell, Chief Actuary: Pensions Policy, Demography & Statistics Division United Kingdom Government
More informationACTUARIAL VALUATION as at 30 June 2017
B.20a Report on the ACTUARIAL VALUATION as at 30 June 2017 Presented to the House of Representatives pursuant to section 94 of the Government Superannuation Fund Act 1956 Contents 1. Introduction 1 2.
More informationPENSION SCHEME MEMBER HANDBOOK - CAREER AVERAGE BENEFITS 2011
PENSION SCHEME MEMBER HANDBOOK - CAREER AVERAGE BENEFITS 2011 Contents Membership Your Pension What if...? Finding Out Background Explanation of Terms Pages 2-3 4-7 8-13 13-16 16-19 20-21 About this handbook
More informationTHE XYZ Pension and Life Assurance Scheme. Members Booklet April 2018 Edition. For Employees of the XYZ Company
THE XYZ Pension and Life Assurance Scheme Members Booklet April 2018 Edition For Employees of the XYZ Company Reviewed May 2018 1 CONTENTS Page 3 OVERVIEW 4 TERMS USED IN THIS BOOKLET 8 GENERAL 9 CONTRIBUTIONS
More informationJune 9, Universities Academic Pension Plan. Report on the Actuarial Valuation for Funding Purposes as at December 31, 2004
June 9, 2005 Universities Academic Pension Plan Report on the Actuarial Valuation for Funding Purposes as at December 31, 2004 Contents 1. Summary of Results...1 2. Introduction...2 Report on the Actuarial
More informationA GUIDE TO THE FIREFIGHTERS' PENSION SCHEME 1992 (ENGLAND)
A GUIDE TO THE FIREFIGHTERS' PENSION SCHEME 1992 (ENGLAND) December 2016 A Guide to the Firefighters' Pension Scheme 1992 (England) This guide reflects the rules of the Firefighters Pension Scheme 1992
More informationPayments During The Assessment Period
Appendix Payments During The Assessment Period Part 1 Introduction 1.1 The Pension Protection Fund provides two levels of compensation: 100% this is for pension scheme members who immediately before the
More informationApril Metropolitan Toronto Police Benefit Fund. Report on the Actuarial Valuation for Funding Purposes as at December 31, 2009
April 2010 Metropolitan Toronto Police Benefit Fund Report on the Actuarial Valuation for Funding Purposes Contents 1. Summary of Results... 2 2. Introduction and Executive Summary... 4 3. Plan Assets...
More informationBANK OF CHINA PENSION & LIFE ASSURANCE SCHEME. Explanatory Booklet
BANK OF CHINA PENSION & LIFE ASSURANCE SCHEME Explanatory Booklet August 2014 I BANK OF CHINA PENSION & LIFE ASSURANCE SCHEME EXPLANATORY BOOKLET VERSION CONTROL Amendment Effective Date Responsibility
More informationNON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA)
NON-BANK FINANCIAL INSTITUTIONS REGULATORY AUTHORITY (NBFIRA) PENSIONS PRUDENTIAL RULES In terms of Section 50 of the NBFIRA Act Funding Valuation Rules Effective March 1, 2012 Contents 1. Introduction...3
More informationGLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME. Defined Benefit Section
GLOBAL AEROSPACE UNDERWRITING MANAGERS PENSION SCHEME Defined Benefit Section MEMBER'S HANDBOOK SEPTEMBER 2015 PENSION AND LIFE ASSURANCE ARRANGEMENTS Trustee Address: Trustee of the Global Aerospace Underwriting
More informationACTUARIAL VALUATION as at 30 June 2014
B.20a Report on the ACTUARIAL VALUATION as at 30 June 2014 2014 Presented to the House of Representatives pursuant to section 94 of the Government Superannuation Fund Act 1956 Contents 1. INTRODUCTION
More informationLondon Borough of Lewisham Pension Fund 2016 Actuarial Valuation Valuation Report March 2017
London Borough of Lewisham Pension Fund 2016 Actuarial Valuation Valuation Report March 2017 Geoff Nathan Fellow of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP Hymans
More informationPENSION TRANSFER ANALYSIS
PENSION TRANSFER ANALYSIS Prepared for Mr J Smith Relating to ABC Pension Scheme Prepared Transfer Bureau Member ref: 100-23456 ref: 1035350 CONTENTS Introduction... 3 Transfer Value Comparator... 4 Critical
More informationNEW BENEFITS HANDBOOK
NEW BENEFITS HANDBOOK About this handbook This handbook explains the main provisions for New Benefits members of the BBC Pension Scheme (the Scheme). It is intended only as guidance. The definitive provisions
More informationGwynedd Pension Fund 2016 Actuarial Valuation Valuation Report March 2017
Gwynedd Pension Fund 2016 Actuarial Valuation Valuation Report March 2017 Richard Warden Julie West Fellows of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP Hymans Robertson
More informationCouncillors Pension Scheme
The Local Government Pension Scheme Councillors Pension Scheme A guide to your pension scheme Introduction The information in this booklet is based on the Local Government Pension Scheme Regulations 1997
More informationCHAPTER 10. Standard
CHAPTER 10 THE Funding Standard 150 Introduction 10.1 The funding standard was introduced in 1991 in order to set out the minimum assets that a defined benefit scheme must hold and what steps must be taken
More informationTHE UNIVERSITY OF NEW SOUTH WALES PROFESSORIAL SUPERANNUATION FUND ACTUARIAL VALUATION AS AT 31 DECEMBER 2017
15 March 2018 Equity Trustees Superannuation Limited C/- Ms M Carbone Level 1, 575 Bourke Street MELBOURNE VIC 3000 Dear Trustee, THE UNIVERSITY OF NEW SOUTH WALES PROFESSORIAL SUPERANNUATION FUND ACTUARIAL
More informationWiltshire Pension Fund 2016 Actuarial Valuation Valuation Report March 2017
Wiltshire Pension Fund 2016 Actuarial Valuation Valuation Report March 2017 Catherine McFadyen Robert McInroy Fellows of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP
More informationMEMBER HANDBOOK - OLD BENEFITS
PENSION SCHEME PENSION SCHEME MEMBER HANDBOOK - OLD BENEFITS Contents Membership Your Pension What if...? Finding Out Background Explanation of Terms Pages 2-3 4-8 8-15 15-17 18-21 22-23 About this handbook
More informationStaffordshire Pension Fund 2016 Actuarial Valuation Valuation Report March 2017
Staffordshire Pension Fund 2016 Actuarial Valuation Valuation Report March 2017 Douglas Green FFA Fellow of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP Hymans Robertson
More informationLondon Borough of Havering Pension Fund 2016 Actuarial Valuation Final Valuation Report March 2017
London Borough of Havering Pension Fund 2016 Actuarial Valuation Final Valuation Report March 2017 Steven Law Barry McKay Fellows of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson
More informationFUNDING DEFINED BENEFITS ACTUARIAL REPORTS
ACTUARIAL STANDARD OF PRACTICE PEN-1 FUNDING DEFINED BENEFITS ACTUARIAL REPORTS Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT AND THAT
More informationPension Transfer Analysis Report
Pension Transfer Analysis Report Created for Ms Maxine Investor On 04 December 2018 By IFA Firm In respect of a transfer from DB Scheme Client Reference:AB123456C Introduction This Pension Transfer Analysis
More informationDALHOUSIE UNIVERSITY STAFF PENSION PLAN REPORT ON THE ACTUARIAL VALUATION AS AT MARCH 31, November Prepared by:
DALHOUSIE UNIVERSITY REPORT ON THE ACTUARIAL VALUATION November 2010 Prepared by: Eckler Ltd. 1969 Upper Water Street, Suite 503 Halifax, Nova Scotia B3J 3R7 TABLE OF CONTENTS SECTION PAGE SUMMARY OF RESULTS
More informationDevon County Council Pension Fund Funding Strategy Statement
Devon County Council Pension Fund Funding Strategy Statement Approved by the Investment and Pension Fund Committee 16 June 2017 1. Introduction This is the for the Devon County Council Pension Fund. It
More informationPENSION YOUR PENSION IN PAYMENT
BBC Pension Scheme B PENSION YOUR PENSION IN PAYMENT Introduction We have prepared this guide to: help you decide what options to take before your BBC pension starts; and provide information that you may
More informationHeritage Bank Limited Superannuation Plan
Consulting (Australia) Pty Ltd ABN 55 153 168 140 AFS Licence # 411770 33 Exhibition Street Melbourne Vic 3000 GPO Box 9946 Melbourne Vic 3001 61 3 9623 5047 Fax 61 3 8640 0800 julie.a.cook@mercer.com
More informationD&B (UK) Pension Plan. Career Average Revalued Earnings (CARE) section
D&B (UK) Pension Plan Career Average Revalued Earnings (CARE) section Contents Appendix: Welcome Welcome to the D&B (UK) Pension Plan CARE section The D&B (UK) Pension Plan (the Plan ) provides you with
More informationSOCIAL HOUSING PENSION SCHEME FRS102 ASSUMPTION SETTING METHODOLOGY
THE PENSIONS TRUST SOCIAL HOUSING PENSION SCHEME FRS102 METHODOLOGY Month ends from 31 March 2019 to 29 February 2020 TABLE OF CONTENTS 1 Introduction... 3 2 Proposed Assumptions... 4 3 Discount Rate...
More informationREPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2018
CATHOLIC CHURCH STAFF SUPERANNUATION PLAN (A SUB-PLAN IN NGS SUPER) REPORT TO THE TRUSTEE ON THE ACTUARIAL INVESTIGATION AS AT 30 JUNE 2018 20 DECEMBER 2018 CONTENTS 1. Key Results and Recommendations...
More informationSubject: Actuarial Valuation Report for the Year Ending December 31, 2016
POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO ACTUARIAL VALUATION REPORT FOR THE YEAR ENDING DECEMBER 31, 2016 May 5, 2017 Board of Trustees Policemen's Annuity and Benefit Fund City of Chicago 221 North
More informationISLE OF WIGHT COUNCIL PENSION FUND FUNDING STRATEGY STATEMENT 2011
ISLE OF WIGHT COUNCIL PENSION FUND FUNDING STRATEGY STATEMENT 2011 APPENDIX A 1 Introduction This is the Funding Strategy Statement (FSS) of the Isle of Wight Council Pension Fund ( Pension Fund ), which
More informationFalkirk Council Pension Fund 2017 Actuarial Valuation Report March 2018
Falkirk Council Pension Fund 2017 Actuarial Valuation Report March 2018 Catherine McFadyen Robert McInroy Fellows of the Institute and Faculty of Actuaries For and on behalf of Hymans Robertson LLP Contents
More informationInstitute of Actuaries of India
Institute of Actuaries of India Classification: Practice Standard. Legislation or Authority APS 15: Pension Fund Terminology 1. Professional Conduct Standard (PCS, version 2.00) 2. IAA International Actuarial
More informationA Councillor's Guide to the LGPS
Tyne and Wear Pension Fund Administered by South Tyneside Council A Councillor's Guide to the LGPS The Local Government Pension Scheme A Guide to the Local Government Pension Scheme for Eligible Councillors
More informationPrinciples and Practices of Financial Management (PPFM)
Principles and Practices of Financial Management (PPFM) Conventional With-Profits Unitised With-Profits With Profits Pension Annuity Pension Income Plus Annuity Appropriate Personal Pension Plan Flexible
More informationContents. 1. Summary of Results ($000) Introduction...3 Report on the Actuarial Valuation as at July 1,
Contents 1. Summary of Results ($000)...1 2. Introduction...3 as at July 1, 2003...3 3. Financial Position of the Plan...6 Valuation Results Going-Concern Basis...6 Valuation Results Solvency Basis...7
More informationACTUARIAL REPORT AS AT 31 MARCH 2016 UNIVERSITIES SUPERANNUATION SCHEME SEPTEMBER 2016
ACTUARIAL REPORT AS AT 31 MARCH 2016 UNIVERSITIES SUPERANNUATION SCHEME SEPTEMBER 2016 1 Results and Analysis Introduction 1.1 This paper is commissioned by and addressed to the Trustee of the Universities
More informationThe Local Government Pension Scheme. Liability for combined benefits - Regulations 29, 48 and 126
The Local Government Pension Scheme Liability for combined benefits - Regulations 29, 48 and 126 1. Regulation 29 of the Local Government Pension Scheme Regulations 1997 (the LGPS Regulations ) provides
More informationACTUARIAL VALUATION as at 30 June 2016
B.20a Report on the ACTUARIAL VALUATION as at 30 June 2016 2016 Presented to the House of Representatives pursuant to section 94 of the Government Superannuation Fund Act 1956 Contents 1. INTRODUCTION
More informationF I R E M E N S A N N U I T Y A N D B E N E F I T F U N D O F C H I C A G O ACTUARIAL VALUATION R E P O R T A S O F D E C E M B E R 3 1,
F I R E M E N S A N N U I T Y A N D B E N E F I T F U N D O F C H I C A G O ACTUARIAL VALUATION R E P O R T A S O F D E C E M B E R 3 1, 2 0 1 6 June 9, 2017 Retirement Board of the Firemen s Annuity and
More informationKent County Council Superannuation Fund
Kent County Council Superannuation Fund Funding Strategy Statement 2017 www.kentpensionfund.co.uk Introduction This is the Funding Strategy Statement (FSS) for the Kent County Council Superannuation Fund.
More informationIntroducing the 2016 Summary Funding Statement to all defined benefit (DB) members and beneficiaries of the Capgemini UK Pension Plan ( the Plan )
Introducing the 2016 Summary Funding Statement to all defined benefit (DB) members and beneficiaries of the Capgemini UK Pension Plan ( the Plan ) As the Trustees of the Plan, we are required to send you
More informationNEW BENEFITS YOUR PENSION IN PAYMENT PENSION SCHEME
NEW BENEFITS YOUR PENSION IN PAYMENT PENSION SCHEME Introduction We have prepared this guide to: help you decide what options to take before your BBC pension starts; and provide information that you may
More informationGN16: Retirement Benefit Schemes Bulk Transfers
GN16: Retirement Benefit Schemes Bulk Transfers Classification Practice Standard Legislation or Authority Occupational Pension Schemes (Preservation of Benefit) Regulations 1991. SI 1991/167. Occupational
More informationMember s Booklet June 2007
DEFINED BENEFIT SECTION Member s Booklet June 2007 A Glossary of special pension terms used in this booklet can be found on the fold-out flap at the back The following forms / leaflets are currently available
More informationToshiba Pension and Assurance Scheme Trustees Report to Members for the Year to 31 March 2006
Toshiba Pension and Assurance Scheme Trustees Report to Members for the Year to 31 March 2006 Welcome to the Toshiba Pension and Assurance Scheme 2006 Trustees Report. The Trustees have been very busy
More informationConduent Human Resource Services Retirement Consulting. Public Employees Retirement System of New Jersey
Conduent Human Resource Services Retirement Consulting Public Employees Retirement System of New Jersey Information Required Under Governmental Accounting Standards Board Statement No. 68 as of June 30,
More informationYOUR PENSION IN PAYMENT
YOUR PENSION IN PAYMENT Introduction We have prepared this guide to: help you decide what options to take before your BBC pension starts; and provide information that you may need once your pension is
More information