Actuarial report meaning

This checklist has been prepared for the buyer and is intended to spotlight common issues and the key questions to address when conducting due diligence in a share purchase where the seller is a limited liability company. It concentrates on the IP assets and rights aspects of the deal and should be used alongside due diligence in other areas, such as IT and financial position. For corporate aspects of these transactions, see Share purchase agreement-overview. For further information, see: Practice Note: IP issues to consider in share purchase contracts Information technology due diligence in share purchase transactions-checklist Practice Note: IP due diligence for software companies Practice Note: Corporate transactions for technology lawyers Share purchase transactions-IP issues-checklist For example agreements, see Precedent: IP due diligence questionnaire. Completion process Be clear on how the sale will progress from offer to completion. For example: confidentiality agreement heads of terms (subject to financial, commercial, legal and IP/IT (and...

In this issue: The Pensions Regulator Members and benefits Public sector pensions Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR strengthens anti-fraud initiatives to combat pension scams In a new blog post, The Pensions Regulator (TPR) details upgrades to its anti-scam work, prioritising richer intelligence gathering and closer cross-agency cooperation. Through the multi-million-pound ScamSmart campaign with the Financial Conduct Authority (FCA), and creative moves such as the pension-scam storyline on BBC’s EastEnders, TPR has warned millions of savers about scam risks. Its Pledge to combat pension scams has likewise raised industry expectations, with schemes covering millions of members committing to stronger prevention steps. In concert with partners, TPR’s anti-fraud efforts span prevention, disruption and sanctions, underpinned by stronger legislation, the dismantling of fraudulent business models, prosecution of offenders, seizure of assets and the barring of trustees. By sharpening the national intelligence picture, TPR supports sound policy-making and swift, cost-effective action. To...

In this issue: Funding and investment Pension fraud and liberation Discrimination Public sector pensions Daily and weekly news alerts Dates for your diary Trackers Funding and investment Chancellor publishes terms of reference for phase one of pensions review Rachel Reeves MP, the Chancellor, has set out the terms of reference for the initial stage of the pensions review. First trailed on 20 July 2024 as part of the government’s pre-election manifesto, the review will be overseen by Emma Reynolds MP, the joint HM Treasury–Department for Work and Pensions Minister, and will centre on defined contribution workplace arrangements and the Local Government Pension Scheme. Phase one will take a broad look at investment and aims to share early conclusions later in 2024, in advance of the new Pension Schemes Bill being introduced. The second phase will commence later in 2024 and, alongside investment matters, will explore additional steps to improve pension outcomes, including retirement adequacy. As its...

In this issue: Pension Schemes Bill Taxation Trustees, governance and administration Members and benefits Daily and weekly news alerts Dates for your diary Trackers Pension Schemes Bill House of Lords examines Pension Schemes Bill provisions on VfM, small pots consolidation, scheme scale and asset allocation The House of Lords Grand Committee resumed scrutiny of the Pension Schemes Bill on Thursday 22 January 2026 and Monday 26 February 2026. On the fourth day of Grand Committee, Thursday 22 January 2026, peers conducted a detailed review of the value for money (VfM) framework, consolidation of small pots, scheme scale requirements and the reserve power to direct asset allocation. Proceedings confirmed the government’s legislative approach: broad enabling powers in primary law, with the substantive detail to follow through regulations, consultations and guidance. Despite sustained questioning from peers on fiduciary duty, proportionality, market impact and member protection, the Bill was left unchanged. All examined Clauses were approved, with core...

This Practice Note outlines how Duxbury calculations are constructed and applied in practice to the assessment and calculation of capitalised spousal or civil partner maintenance/periodical payments within financial remedy proceedings, setting out the underlying assumptions, the limitations, and the circumstances in which such calculations are suitable and practically appropriate. It also reviews the courts’ general approach to rates of return. The basis of Duxbury calculations A Duxbury calculation was originally conceived to determine, in substance, the capital sum required to fund a fixed-rate periodical payment for the remainder of the recipient’s life, that is, their actuarial life expectancy as projected. In November 2024, the Duxbury Working Group, which is self-selected, published its final report (following a provisional report in October 2024) addressing earlier criticisms and advancing proposals ‘to banish outdated concepts and generally to modernise the approach’, while confirming that ‘it will be a matter for the courts whether to adopt the recommendations’. The Duxbury calculations are available via At a Glance 2025–2026...

STOP PRESS : The Pensions Research Accountants Group (PRAG) has released the Statement of Recommended Practice, Financial Reports of Pension Schemes 2026 (SORP) following broad pre-consultations with stakeholder groups and a thorough review of feedback to the formal consultation, which closed in Q4 2025. SORP 2026 applies to accounting periods starting on or after 1 January 2026. The SORP was last overhauled in 2018, and the latest amendments ensure alignment with Financial Reporting Standard 102 and current pensions legislation and regulations. Consultation respondents largely endorsed the proposed changes in the three principal areas—fair value determination, investment risk disclosures and sole investor pooled arrangements—considering them appropriate and proportionate. This Practice Note is being updated to reflect these changes. THIS PRACTICE NOTE APPLIES TO UK OCCUPATIONAL PENSION SCHEMES This Practice Note on pension scheme annual reports and accounts is based on: the latest Financial Reports of Pension Schemes: A Statement of Recommended Practice (2018) (SORP 2018) issued in March 2018 by PRAG...