Statutory surplus basis: Difference between revisions
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''Pensions''. | ''Pensions''. | ||
Historically, statutory liability valuation basis specified under the Income and Corporation Taxes Act 1988 for the purposes of determining whether a scheme’s assets exceeded 105% of past service liabilities and therefore whether a proposal to reduce the surplus was required. | Historically, statutory liability valuation basis specified under the Income and Corporation Taxes Act 1988 for the purposes of determining whether a scheme’s assets exceeded 105% of past service liabilities and therefore whether a proposal to reduce the surplus was required. | ||
The prescribed basis was considerably more stringent than a typical valuation basis. | The prescribed basis was considerably more stringent than a typical valuation basis. | ||
Was sometimes known as the ‘Government Actuary’s Basis’. | Was sometimes known as the ‘Government Actuary’s Basis’. | ||
Under pensions legislation this requirement has been discontinued. | Under pensions legislation this requirement has been discontinued. | ||
== See also == | == See also == | ||
* [[Valuation basis]] | * [[Valuation basis]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
Latest revision as of 11:42, 2 July 2022
Pensions.
Historically, statutory liability valuation basis specified under the Income and Corporation Taxes Act 1988 for the purposes of determining whether a scheme’s assets exceeded 105% of past service liabilities and therefore whether a proposal to reduce the surplus was required. The prescribed basis was considerably more stringent than a typical valuation basis.
Was sometimes known as the ‘Government Actuary’s Basis’.
Under pensions legislation this requirement has been discontinued.
