Is the scheme a funded or unfunded scheme?
A scheme is funded where assets held within the scheme are used solely for the purposes of securing the pension scheme liabilities.
Unfunded schemes do not set aside assets within the scheme but the scheme liabilities are met by other monies. For example where contributions received are used to pay current pensioner members.
How was this scheme established?
A Public Service Pension Scheme means an occupational pension scheme established by or under an enactment or the Royal prerogative or a Royal charter, being a scheme:
(a) all the particulars of which are set out in, or in a legislative instrument made under, an enactment, Royal warrant or charter, or
(b) which cannot come into force, or be amended, without the scheme or amendment being approved by a Minister of the Crown or government department or by the Scottish Ministers,
and includes any occupational pension scheme established, with the concurrence of the Treasury, by or with the approval of any Minister of the Crown or established by or with the approval of the Scottish Ministers and any occupational pension scheme prescribed by regulations made by the Secretary of State and the Treasury jointly as being a scheme which ought in their opinion to be treated as a public service pension scheme for the purposes of this Act.
Has a public authority made any arrangements to guarantee that scheme assets are sufficient to meet any part of the scheme liabilities?
A relevant public authority may have
(a) given a guarantee in relation to any part of the scheme, any benefits payable under the scheme rules or any member of the scheme, or
(b) made any other arrangements for the purposes of securing that the assets of the scheme are sufficient to meet any part of its liabilities;
"relevant public authority", in relation to a guarantee, means:
(a) a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975),
(b) a government department (including any body or authority exercising statutory functions on behalf of the Crown), or
(c) the Scottish Ministers