You’ll need to certify your deficit reduction contributions on TPR’s Exchange by the end of April.
There are two ways you can certify these deficit reduction payments:
- Option Alpha: This option is available to all schemes. You’ll need a certificate from an actuary to certify the basis on which the calculation was carried out. Any qualified actuary can provide this – it doesn’t have to come from your scheme actuary.
- Option Beta: If you’re a smaller scheme with less than £10 million in liabilities and have made payments as part of a recovery plan, then a scheme trustee or company director may be able to complete the certification. If provided the amount certified does not exceed £1 million. If the amount certified is over this limit, or if you’re certifying special contributions not included in the recovery plan, then your scheme actuary must carry out the certification.
How to know if you’re eligible to use Option Beta
Answer the questions and follow the answers in this decision tree to see if you can certify under Option Beta.
How do you certify under Option Beta?
Option Beta can be carried out without certification from the scheme actuary in certain circumstances. If you’re looking to go down this route, then Yyou’ll need to confirm that:
- You’re eligible for Option Beta – conditions include that scheme liabilities don’t exceed £10 million and that the scheme has been closed to benefit accrual during the certification period
- All payments agreed under recovery plans have been made up to March this year
- You’re a scheme trustee or company director, or you have been authorised to self-certify by one of these parties
- The amount you’re certifying is under £1 million and doesn’t include any special contributions which don’t appear in the recovery plan.that a trustee has authorised you to self-certify
You can provide this information on Exchange – It must be done by the end of April.
Learn more about certifying deficit reduction contributions in this helpful video