Here you'll find all the guidance you'll need to complete a valuation in line with sections 143, 152, 156, 158 and 179 of the Pensions Act 2004.
Section 143 valuations
This section is relevant for actuaries completing a valuation to determine a scheme's funding level.
Guidance to follow for s143 valuations:
There are a number of guidance documents that must be read for s143 valuations. These are as follows:
1. H9 version of the guidance for valuations with an effective date on or after 31 May 2024.
Guidance for undertaking the valuation in accordance with Section 143 of the Pensions Act 2004 (version H9, October 2024)
2. Additional information issued in November 2021:
Additional information for carrying out a Section 143 valuation
3. Information for valuing benefits in respect of the Hampshire, Hughes and Bauer judgments in a section 143 valuation (this information note equally applies to section 152, section 156 and section 158 valuations).
Information for valuing benefits in respect of the Hampshire, Hughes and Bauer judgments in a section 143 valuation (version 2, January 2024)
4. Guidance on assumptions, Version B11, for valuations with an effective date on or after 31 May 2024:
Please note that this guidance and information will be updated from time to time.
5. Volatility assumptions to accompany Version B10 onwards of the guidance on assumptions, for valuations with an effective date on or after 1 May 2023:
Volatility assumptions to accompany Version B10 onwards of the guidance on assumptions
Previous periods
You might find it helpful to view valuation guidance that was valid for previous periods.
How to submit Section 143 valuations
As set out in our guidance, here is the certificate, which must be completed and included in your valuation return:
Certificate for the Purposes of section 143 of the Pensions Act 2004
Please provide an electronic Excel version of the completed data and liability spreadsheet when submitting s143 valuations.
If prompted, please SAVE the spreadsheet rather than opening.
For s143 valuation assumptions B10 or later, please submit Data and Liability Information spreadsheet (section s143 valuations, version B10)
For s143 valuation assumptions B7 or later, please submit Data and Liability Information spreadsheet (section 143 valuations, version B7, B8 and B9).
For s143 valuation assumptions B6 or earlier, please submit Data and Liability Information spreadsheet (Section 143 valuations, version B6 and earlier).
You may also find it helpful to view valuation guidance that was valid for previous periods.
How we determine funding without an s143 valuation
In July 2012, changes to the Pensions Act 2004 - the Pension Protection Fund (Miscellaneous Amendments) Regulations 2012 – came into effect. These changes mean that we can request the actuary to provide an estimate of the protected liabilities and assets for the scheme instead of a section 143 valuation.
The following statement – version F3, January 2024 – includes guidance to actuaries who are providing the estimate as well as setting out how we’ll make our funding determination.
Statement setting out how we will make a funding determination
Please provide an electronic Excel version of the completed estimate certificate.
For s143 valuation assumptions B9 or later, please submit Certificate of estimate for our funding determination purposes (version B9).
Please note: an electronic Excel version of the completed certificate must be provided – if prompted, please SAVE the spreadsheet rather than opening it.
For s143 assumptions B7 or B8, please submit Certificate of estimate for PPF funding determination purposes (version B7 and B8).
For s143 assumptions B6 or earlier, please submit Certificate of estimate for PPF funding determination purposes (version B6 and earlier).
Section 152 valuations
Guidance and statement
This guidance is relevant for actuaries undertaking a valuation in accordance with section 152 of the Pensions Act 2004 for a reconsideration application under s151.
Guidance for actuaries conducting a valuation under section 152 and statement setting out how we’ll make a funding assessment under section 152 of the Pensions Act 2004 (version D6, October 2024).
Section 156 valuations
This guidance is relevant for actuaries undertaking a valuation of a closed scheme in accordance with section 156 of the Pensions Act 2004.
Guidance for actuaries conducting a valuation under section 156 of the Pensions Act 2004 (version C5, January 2024).
Section 158 valuations
Due to the very small number of these valuations, we’ve decided not to issue formal guidance on this. If you have any questions about this, or need a copy of the formal s158 certificate, please contact your actuarial contact.
Section 179 valuations
Here you’ll find all the information you need to carry out a section 179 valuation to calculate a schemes’ funding position.
We use the result of your valuation to calculate the scheme’s levy and we also combine all the s179 valuations for eligible schemes so that we can assess the general level of scheme underfunding, which we use to set the levy quantum and scaling factor.
1. Guidance:
The following guidance, version G10, should be used for all s179 valuations with an effective date on or after 1 January 2024 and for all s179 valuations with an effective date prior to 1 January 2024 which are signed on or after 17 January 2024:
Guidance for undertaking the valuation in accordance with Section 179 of the Pensions Act 2004 (version G10, January 2024)
2. Assumptions:
The following guidance, version A11, should be used for all s179 valuations with an effective date on or after 1 May 2023:
Guidance on assumptions to use when undertaking a valuation in accordance with Section 179 of the Pensions Act 2004 (version A11, May 2023)
3. Certificate:
This certificate, which forms part of the actuary’s s179 valuation report, should be given to the scheme’s trustees and not sent directly to us:
Certificate required under section 179 valuation
The information from the certificate should form part of the annual scheme return, which will be sent to us via the Pension Regulator’s Exchange system.
Previous periods
You can also view technical guidance that was valid for previous periods
Please note: all guidance is reviewed from time to time and might be changed. It's possible to update the s179 valuation pages of Exchange at any time.