Prospective benefits funding method
From ACT Wiki
Pensions funding.
A funding method in which the actuarial valuation at the valuation date is the present value of the actual benefits for pensioners and deferred pensioners and their dependants and the benefits that active members will receive in respect of both past and future Pensionable Service, allowing for future increases to salaries and benefits and net of the present value of future contributions payable in respect of active members at the standard contribution rate.
