Technical Provisions

Technical Provisions definition

/ˈtɛknɪk(ə)l/ /prəˈvɪʒ(ə)n/

What does Technical Provisions mean?

Term imported from the European Pensions Directive 2003/41/EC. Under the scheme funding provisions of the Pensions Act 2004, it is the amount required, on an actuarial calculation, to meet a scheme's liabilities. The figure helps to determine the scheme contributions required to cover the liabilities.

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