statutory funding objective
statutory funding objective (SFO)
Introduced by the Pensions Act 2004, the statutory funding objective (SFO) requires that an occupational pension scheme that is a salary-related scheme must have sufficient assets to cover its technical provisions. If a scheme does not meet the SFO, its trustees must agree a recovery plan with the scheme's principal employer.
Related links
multi-employer scheme (multi-employer pension schemes)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • statement of funding principles — (SFP) Introduced by the Pensions Act 2004, the trustees of a salary related scheme must prepare and maintain a statement of funding principles (SFP). The SFP must set out the trustees policy for meeting the statutory funding objective and contain …   Law dictionary

  • Minimum funding requirement — The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997. The Pensions Act 2004 abolishes the MFR replaces it with new statutory funding objective ; this came into …   Wikipedia

  • recovery plan — Introduced by the Pensions Act 2004, the trustees of a salary related scheme that has a funding shortfall must agree a recovery plan with the scheme s principal employer. The recovery plan must aim to eliminate the deficit so that the scheme… …   Law dictionary

  • SFP — statement of funding principles (SFP) Introduced by the Pensions Act 2004, the trustees of a salary related scheme must prepare and maintain a statement of funding principles (SFP). The SFP must set out the trustees policy for meeting the… …   Law dictionary

  • SFO — statutory funding objective (SFO) Introduced by the Pensions Act 2004, the statutory funding objective (SFO) requires that an occupational pension scheme that is a salary related scheme must have sufficient assets to cover its technical… …   Law dictionary

  • technical provisions — Introduced by the Pensions (IORP) Directive, and incorporated into UK law by the Pensions Act 2004, the technical provisions of a salary related pension scheme (salary related scheme) are the amount required to cover its liabilities. Essentially …   Law dictionary

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