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 payment has been made. Any qualified actuary can provide this – it doesn’t have to come from your scheme actuary - as long as the amount certified does not exceed £1 million.
- 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.
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?
You’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 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