GN16 meaning

GN16 is the shorthand used in pensions practice for the (now withdrawn) actuarial guidance on bulk transfers without member consent. It set out how a scheme actuary should assess and explain to trustees whether members’ benefits in the receiving scheme would be broadly no less favourable, and what information should accompany the actuary’s certificate. GN16 itself is not a statutory term. The legal requirement is the actuary’s certificate for most defined benefit bulk transfers under the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (with parallel regulations in Northern Ireland). Since 2018, most pure defined contribution bulk transfers no longer require an actuary’s certificate; instead trustees must meet alternative statutory conditions. Although GN16 has been withdrawn and superseded by the Financial Reporting Council’s Technical Actuarial Standards (notably TAS 100 and TAS 300) and the Institute and Faculty of Actuaries’ professional standards (such as APS P1), “GN16” remains a convenient label for this certification work and the associated trustee communications. Usage and legal effect are broadly consistent across England & Wales and Scotland, with equivalent provisions in Northern Ireland. In Ireland, “GN16” is not a formal term; bulk transfers without consent are governed by the Pensions Act 1990 and regulations, with actuarial certification...