Pensions Act, 1990
|
Provisions relating to funding standard. |
44.—Subject to the subsequent provisions of this Part, a relevant scheme shall be deemed to have satisfied the funding standard if, in the opinion of the actuary, the resources of the scheme at the effective date of the actuarial funding certificate would have been sufficient, if the scheme had been wound up on that date, to provide for— | |
(a) the liabilities of the scheme consisting of— | ||
(i) benefits in the course of payment to which paragraph 1 of the Third Schedule relates, | ||
(ii) benefits, other than those referred to in subparagraph (i), which consist of additional benefits secured or granted under the scheme on behalf of the member concerned by way of additional voluntary contributions or a transfer of rights from another scheme to which paragraph 2 of the Third Schedule relates, | ||
(iii) benefits, other than those referred to in subparagraphs (i) and (ii), payable in respect of reckonable service completed after the commencement of this Part to which paragraph 3 of the Third Schedule relates, and | ||
(iv) the percentage (in this Part referred to as the “specified percentage”) of any benefits, other than those referred to in subparagraphs (i) and (ii), payable in respect of reckonable service completed prior to such commencement to which paragraph 4 of the Third Schedule relates, and | ||
(b) the estimated expenses of administering the winding up of the scheme. |