Search Legislation

Pension Schemes Act 2021

Status:

This is the original version (as it was originally enacted).

20Actuarial valuations

This section has no associated Explanatory Notes

(1)The trustees of a collective money purchase scheme must obtain actuarial valuations in accordance with this section and regulations under subsection (5).

(2)In this Part “actuarial valuation” means a report prepared and signed by the scheme actuary setting out—

(a)the available assets of the scheme and their value;

(b)the required amount;

(c)whether an adjustment to the rate or amount of benefits provided under the scheme is required and, if so, the amount of the adjustment.

(3)In this section “the available assets of the scheme” and “the required amount” have the meaning given in section 2(2).

(4)A scheme actuary preparing an actuarial valuation in pursuance of a provision of this Part must determine the matters mentioned in subsection (2) in accordance with the scheme rules.

(5)The Secretary of State may by regulations make provision about actuarial valuations, including—

(a)provision about when actuarial valuations must be prepared;

(b)provision about the date by reference to which a determination must be made;

(c)provision about information and statements that an actuarial valuation must contain;

(d)provision requiring the trustees to obtain an actuarial valuation from the scheme actuary within a period specified or described in the regulations;

(e)provision requiring the trustees to send an actuarial valuation received by them to the Pensions Regulator within a period specified or described in the regulations.

(6)In a case that is not the subject of regulations under subsection (5)(a), the trustees must obtain—

(a)an actuarial valuation in which the date by reference to which the available assets of the scheme are determined (“the effective date”) falls within the period of one year beginning with the day on which the scheme was established, and

(b)subsequent actuarial valuations in which the effective date is not more than one year after the effective date of the previous actuarial valuation.

(7)In a case that is not the subject of regulations under subsection (5)(b), the required amount must be determined by reference to the effective date.

(8)Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with this section.

(9)Nothing in this section affects a power or duty of the trustees of a collective money purchase scheme to obtain actuarial valuations on other occasions.

(10)The first regulations under subsection (5) are subject to affirmative resolution procedure.

(11)Subsequent regulations under subsection (5) are subject to negative resolution procedure.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources