Actuarial services

Trustees of defined benefit schemes face a number of complex issues every day. Our actuaries can help make your life easier with a range of specialist services and support.

Our actuarial services are provided through AEGON Actuarial Services, another brand name in the AEGON family of businesses.

Core service

Our core service will make sure your scheme meets all of its actuarial compliance requirements. It includes:

• a full actuarial funding valuation every three years to assess the financial position of your scheme and determine the contributions to be paid
• an interim valuation each year to assess the progress of your scheme’s financial position
• a Pension Protection Fund valuation at the same time as your triennial valuation for sending to the Pension Protection Fund
• a ‘transfer value basis’ valuation at the same time as your triennial valuation to determine the extent of the reduction that could be applied to transfer values paid from your scheme
• support and advice on the calculation bases to be used for early retirements, late retirements, cash options and transfer value calculations
• actuarial certifications needed in relation to your scheme’s technical provisions, recovery plan payments, schedule of contributions, contracting-out status and transfer value basis

As part of our core actuarial service, your appointed actuary will also be available to attend agreed trustee meetings. Full details of the frequency and nature of these visits are available on request.

The core actuarial service is covered by our annual management charge. This charge is agreed on a case-by-case basis and will depend on the particular circumstances and complexities of your scheme.

Enhanced services

The needs of your scheme won’t stay the same for long, so you can choose from our range of enhanced services if and when you need to. These include:

• asset allocation advice
• advice on changes to your scheme’s benefit design
• providing scheme modification certificates (often referred to as Section 67 and 37 certificates)
• certificates relating to bulk transfer values
• certification of any ‘debt on the employer’ (these will be needed if your scheme winds up or a participating employer stops its participation)
• valuations of member benefits for divorce cases

As these services are provided in addition to the core actuarial service, there may be an additional charge. Any such charge will be agreed with the scheme actuary in advance of any work being carried out.

Employer services

We’re also happy to provide the following actuarial services for the sponsoring employer:

• FRS17 calculations for company accounts
• IAS19/FAS87 calculations for overseas company accounts
• director emolument (Greenbury) figures for company accounts

As this kind of work is needed by the employer rather than the trustees, it will be provided and invoiced under a separate appointment.