GN11 meaning

In practice, GN11 refers to actuarial guidance on how to calculate a member’s cash equivalent transfer value (CETV) from an occupational pension scheme, typically used when a member requests a statutory transfer or when a CETV is needed for pensions on divorce. It set out the actuarial principles and assumptions to be applied so that trustees, advised by their scheme actuary, produced transfer values consistent with scheme rules and pensions legislation. GN11 was a UK actuarial profession document. Following the transfer of standard‑setting to the Financial Reporting Council’s board for Actuarial Standards, GN11 was withdrawn. Current UK practice is driven by statute and regulation (notably the Pension Schemes Act 1993 and the Occupational Pension Schemes (Transfer Values) Regulations 1996) and by FRC Technical Actuarial Standards (including TAS 300: Pensions), supplemented by professional practice notes. References to GN11 now mainly arise in legacy documents or historical methodologies. Usage and effect are broadly consistent across England & Wales, Scotland and Northern Ireland under UK pensions law. In Ireland, CETV calculations are governed by the Pensions Act 1990 and related regulations, with guidance issued by the Society of Actuaries in Ireland; GN11 is not an Irish standard.