Statutory surplus basis

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Historically, statutory liability valuation basis specified under the Income and Corporation Taxes Act 1988 for the purposes of determining whether a scheme’s assets exceeded 105% of past service liabilities and therefore whether a proposal to reduce the surplus was required. The prescribed basis was considerably more stringent than a typical valuation basis.

Was sometimes known as the ‘Government Actuary’s Basis’.

Under pensions legislation this requirement has been discontinued.

See also