A certificate signed by the actuary in certain circumstances, for example to certify that actuarial equivalence requirements have been met as a result of an amendment to a scheme, to confirm there is a surplus, to confirm details of a bulk transfer or to confirm the conditions of the reference scheme test are met.

Pensions analysis: In a landmark ruling, dismissing the appeal brought by Virgin Media Ltd (Virgin) against the first instance decision of Mrs Justice Bacon, the Court of Appeal held that the term ‘section 9(2B) rights’ in regulation 42(2) of the Occupational Pension Schemes (Contracting-out) Regulations 1996 (the Contracting-out Regulations), as in force from 6 April 1997 to 5 April 2013, included pension rights earned by both past and future service. The judgment potentially has very significant implications for occupational pension schemes that were contracted out of the Additional State Pension on the salary-related basis under section 9(2B) of the Pension Schemes Act 1993 (PSA 1993) : absent actuarial confirmation as required by PSA 1993, s 37, it now appears certain historical alterations to members’ future (as well as past) service rights under such schemes will be void. Important practical issues concerning the nature and scope of the required actuarial confirmation, however, remain unresolved. Written by Henry Day, barrister at Radcliffe Chambers.

The amount which an actuary considers is necessary to be added to the assets to be sufficient to pay the benefits. Since it depends on actuarial assumptions which can vary considerably (some of them based on regulatory requirements), it can vary enormously in practice.

The actuarial equivalence requirement applies in relation to a detrimental modification that is not a protected modification (ie a modification which would involve or might adversely affect subsisting rights but not a modification which involves converting defined benefit rights into defined contribution rights or reducing pensions in payment) and where the trustees determine this test is to apply.

THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES PROVIDING DEFINED BENEFITS Statutory requirement for actuarial funding valuations The trustees of private sector defined benefit (DB) occupational pension schemes registered with HMRC are required by statute to complete actuarial funding valuations at least once every three years. The requirements apply to a scheme providing defined contribution benefits if these are underpinned by a DB promise. Additionally, the statutory requirement for actuarial funding valuations is also commonly found in schemes’ trust deed and rules. Outline of requirements Broadly, DB trustees are required: • to provide a statement of funding principles setting out the funding objective for the scheme (known as the statutory funding objective) • to undertake periodic actuarial valuations comparing the scheme’s assets and liabilities (the technical provisions) • for scheme valuations with an effective date on or after 22 September 2024, to provide a funding and investment strategy setting out the scheme’s journey plan to reach a minimum of low dependency on the employer by the time the scheme is significantly mature • to provide a schedule

Actuaries adopt a variety of ways of calculating assets and liabilities, which can produce very different outcomes. Some of them are mentioned in this list (eg projected unit credit) and there are standard definitions on the Institute and Faculty of Actuaries website.

Written report, prepared and signed by the scheme actuary, on developments affecting the scheme's technical provisions since the last actuarial valuation.

The Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (SI 1996/1655) require the scheme actuary to include an actuarial statement in the annual report of a defined benefit scheme. It must include the amounts necessary to be paid into the scheme in order to protect the security of members' rights and must state the actuarial method and assumptions used.

Actuarial tables are statistical tables used in legal practice to estimate life expectancy, future loss, or the present value of future payments, based on mortality and other actuarial data. They are commonly used in personal injury, clinical negligence, fatal accident and insurance litigation to quantify future loss of earnings, pension loss, care costs and other long‑term heads of loss.In England and Wales, the Ogden Tables (produced by the Government Actuary’s Department) are the principal actuarial tables for assessing multipliers in personal injury and fatal accident claims, and are heavily relied on in case law, though not strictly binding. Similar actuarial and mortality tables are referred to in Scotland, Northern Ireland and Ireland, often alongside judicial guidance and local practice on discount rates and multipliers.Actuarial tables assist courts, solicitors and counsel in producing consistent, evidence‑based valuations, and are frequently used with expert actuarial or forensic accounting evidence. Their use interacts with statutory regimes on discount rates (for example under damages legislation) and with principles on mitigation, contingencies and standard of proof. Across the UK and Ireland, the concept and purpose of actuarial tables are broadly consistent, though specific tables, discount rates and judicial approaches differ by jurisdiction.

A report on the financial position of a defined benefit scheme carried out by an actuary.

A scheme actuary is required by law to produce a detailed report at least every three years which features a formal, accurate valuation of the scheme's technical provisions and its discontinuance valuation. Once issued, trustees will normally initiate a review of contribution levels.

Law360: Most consulting actuaries do not believe that there should be a level at which defined benefit (DB) scheme trustees are required to release surplus funds tied up in their plans, in line with measures announced by the government, the Association of Consulting Actuaries (ACA) said on 7 July 2025.