Valuations of FAS qualifying schemes: method and assumptions
Method and assumptions to use when undertaking valuations in FAS qualifying pension schemes with a calculation date on or after 30 Sept 2010.
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This guidance covers the method and assumptions that should be followed by actuaries undertaking valuations to determine the asset shares of beneficiaries in Financial Assistance Scheme (FAS) qualifying pension schemes that are transferring assets to government under Regulation 22 of the Regulations 2005.
The guidance applies to schemes with a calculation date on or after 30 September 2010. (The calculation date is the last day of the month during which the FAS scheme manager instructs the trustees or managers of the scheme to obtain the valuation).
The appendix provides guidance on the treatment of underpin benefits in the FAS valuation and replaces paragraph 65 of Section 2 of the main guidance.