For salary-related pension schemes which contract out of the State Second Pension on the reference
scheme test basis under the Pension Schemes Act 1993, currently the actuary needs to
follow Guidance Note 28: Retirement Benefit Schemes – Adequacy of Benefits for Contractingout
(“GN28”) when considering whether a scheme meets the reference scheme test.

As the Board for Actuarial Standards is withdrawing GN28, new regulations amending the
Occupational Pension Schemes (Contracting-out) Regulations 1996 come into force on 1 October
2011. The new regulations insert the majority of the GN28 actuarial guidance into the 1996 Regulations
themselves. They also include an additional requirement on actuaries to comply with any
relevant standards issued by the Board for Actuarial Standards. A copy of the Occupational
Pension Schemes (Contracting-out) (Amendment) Regulations 2011 can be found at: