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OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SCHEDULE 2
ACTUARIAL CERTIFICATES
[sections 2 & 31]
PART 1
FULL CERTIFICATE
A full certificate issued by the actuary shall certify that-
(1) An actuarial review has been conducted as regards the scheme as of the date specified in the certificate.
(2) In the course of the review he has had regard to the financial condition of the scheme.
(3) The review included a valuation of the scheme's liabilities (including contingent and prospective liabilities).
(4) As at the date of the review the scheme's assets were sufficient to meet the scheme's aggregate vested liability.
(5) Following the review he has made recommendations as regards funding of the scheme.
(6) Following the review he has received a copy of a written undertaking by the relevant employer of the scheme to the administrator of the scheme to contribute to the scheme's funds in accordance with those recommendations.
(7) Provided the scheme is funded in accordance with those recommendations, he would expect that-(a) the scheme's assets would continue to be sufficient to meet the scheme's aggregate vested liability throughout the period of 3 years from the date of the review; and
(b) on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability.
PART 2
QUALIFIED CERTIFICATE
A qualified certificate issued by the actuary shall certify-
(1) That an actuarial review has been conducted as regards the scheme as of the date specified in the certificate.
(2) That in the course of the review he has had regard to the financial condition of the scheme.
(3) That the review included a valuation of the scheme's liabilities (including contingent and prospective liabilities).
(4) That-(a) as at the date of the review the scheme's assets were not sufficient to meet the scheme's aggregate vested liability and stating the amount of the shortfall as at such date ("the current shortfall" (當日不足之數)); or
(b) although as at the date of the review the scheme's assets were sufficient to meet the scheme's aggregate vested liability, he would not expect that the scheme's assets would continue to be sufficient to meet the scheme's aggregate vested liability throughout the period of 3 years from the date of the review.
(5) That following the review he has made recommendations as regards funding of the scheme.
(6) That following the review he has received a copy of a written undertaking by the relevant employer of the scheme to the administrator of the scheme to contribute to the scheme's funds in accordance with those recommendations.
(7) Provided the scheme is funded in accordance with those recommendations-(a) what he would expect to be the amount of the shortfall between the scheme's assets and the scheme's aggregate vested liability as at the expiry of 12 months from the date of the review ("the expected shortfall" (預計不足之數));
(b) that he would expect that within a period being the later of the 5th anniversary of the commencement of section 1 and 3 years from the date of the review, the scheme's assets would be sufficient to meet its aggregate vested liability; and
(c) that he would also expect that on the expiration of the period specified in subparagraph (b), or on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability.
(8) (Where the immediately preceding certificate supplied in accordance with this Ordinance was a qualified certificate)-(a) that the amount of contributions recommended in the certificate to be made in the remainder of the period specified in that preceding certificate is not less than the amount of contributions recommended in that preceding certificate to be made in the same period; or
(b) that the amount of contributions recommended in the certificate to be made in the remainder of the period specified in that preceding certificate is less than the amount of contributions recommended in that preceding certificate to be made in the same period, but he would expect that even with such lesser amount of contributions the scheme's assets would be sufficient to meet the scheme's aggregate vested liability as at the expiry of 12 months from the date of the review.
(9) (Where the immediately preceding certificate supplied in accordance with this Ordinance was a qualified certificate and where owing to any reason, other than the failure of the relevant employer of the scheme to contribute to the scheme's funds in accordance with the actuarial recommendations in that preceding certificate, the current shortfall as stated in the certificate exceeds the expected shortfall as stated in that preceding certificate)-(a) what in the actuary's opinion were the major reasons giving rise to such excess;
(b) that the amount of contributions recommended to be made in the certificate includes additional contributions which the actuary considers are required to cover such excess.
(Enacted 1992)