Occupational Retirement Schemes (Periodic Certification of Registered Defined Benefit Schemes) Rules
(Enacting provision omitted—E.R. 6 of 2019)
[4 April 1997] L.N. 116 of 1997
(Format changes—E.R. 6 of 2019)
(Omitted as spent—E.R. 6 of 2019)
A full certificate referred to in section 31(1) of the Ordinance or a qualified certificate so referred to shall contain the following information—
the rate of prospective future salary increases;
the valuation rate of interest assumed for the relevant actuarial valuation;
the amount of the aggregate past service liability of the scheme;
the amount of the aggregate vested liability of the scheme;
the market value or, where such value cannot be ascertained, the net realizable value, of the assets of the scheme to determine whether it is sufficient to meet the scheme’s aggregate vested liability;
the value of the assets of the scheme for the purposes of—
determining whether such assets are sufficient to meet the scheme’s aggregate past service liability; and
making funding recommendations;
in the case where the aggregate past service liability of the scheme, as ascertained in accordance with paragraph (c), is less than the aggregate vested liability of the scheme as ascertained in accordance with paragraph (d), the difference between those liabilities and the reasons therefor;
in the case where the value of the assets of the scheme as ascertained in accordance with paragraph (f) is not sufficient to meet the scheme’s aggregate past service liability, the weighted average of the periods of the members’ future membership (the periods being calculated up to the periods their benefits become fully vested), in respect of all existing members of the scheme, where the weighting should be based on the values of the past service liability of the members or on an appropriate approximation thereto; and
the period in which, under the terms of the scheme for a new member, the benefits become fully vested.