Examples of Funding Certificate in a sentence
The Act places the responsibility for submitting an Actuarial Funding Certificate to the Pensions Board on the trustees of a scheme and, as a consequence, the trustees decide on the effective date of each Actuarial Funding Certificate within the requirements of the Act.
Therefore any change in the legislation governing the Funding Standard between the effective date of the Actuarial Funding Certificate which gave rise to the Funding Proposal and the date of certifying the Funding Proposal must be taken into account.
Another thing is in some cases there is a bit of crystal ball gazing in trying to figure out how many cases are going to be filed at any one time.
The Scheme Actuary must state the assumed approach in relation to any discretionary practices that may have a significant impact on the liabilities (for example, the granting of discretionary pension increases or the granting of early retirement options requiring the consent of either the trustees or the employer) over the period to the intended effective date of the next Actuarial Funding Certificate (or later date specified by the Pensions Board).
In certifying that a Funding Proposal meets the requirements of the Act, the Scheme Actuary certifies that, in his opinion, the scheme could reasonably be expected to satisfy the funding standard at the intended effective date of the next Actuarial Funding Certificate (or later date specified by the Pensions Board).