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Certificate of schedule of contributions meaning
Published by a LexisNexis Pensions expert
What does Certificate of schedule of contributions mean?
A confirmation issued by the scheme actuary for a defined benefit occupational pension scheme that the contributions set out in the scheme’s schedule of contributions are sufficient to meet the scheme’s statutory funding objective (i.e. to hold assets at least equal to its technical provisions).
In England & Wales and Scotland, this is a statutory requirement under the Pensions Act 2004 and the Occupational Pension Schemes (Scheme Funding) Regulations 2005 (with parallel provisions in Northern Ireland). The certificate confirms that the schedule of contributions is consistent with the scheme’s statement of funding principles, actuarial valuation and (where relevant) recovery plan, and that the contributions are adequate to reach the technical provisions over the relevant period. It is produced by the appointed scheme actuary in the prescribed form and timing, and is normally submitted to The Pensions Regulator with the valuation documentation.
It applies to defined benefit schemes; defined contribution schemes use a payment schedule and no actuarial certificate.
In Ireland, there is no direct equivalent statutory certificate of a schedule of contributions. Instead, funding compliance is evidenced through the Actuarial Funding Certificate and related funding proposals under the Pensions Act 1990, while trustees maintain a contributions schedule.
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