Summary funding statements - a reminder

Under the new funding legislation, the majority of trustees will be required to issue annual summary funding statements to all members and beneficiaries. In the case of a scheme with at least 100 members, the first such statement must be provided before 22 September 2006. Trustees who fail to comply with this requirement may be liable to fines.

Summary funding statements issued before the first actuarial valuation under the scheme specific requirements must include a summary of the ongoing funding position of the scheme. The initial statement must also include an explanation of any change in the funding position since the last ongoing valuation and an estimate of the solvency of the scheme provided by the scheme actuary. The Code of Practice on scheme funding also suggests that trustees should consider including: