What is an actuarial valuation or triennial valuation?

Actuarial valuations of trust based defined benefit pension schemes are required every 3 years. The valuations will value the assets and liabilities at the date of the valuation. This will require the trustees to take advice and agree on updates to the technical provisions of the scheme.

In the event that the scheme is underfunded the Trustees have a pivotal role to reach agreement with the sponsoring employer for any additional contributions from the employer. This most notably includes the length of the recovery period and if the payments are level or increasing.

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