Defined benefit pension schemes are required by the Pensions Act 2004 to comply with the statutory funding objective. A key part of this is the scheme's actuarial valuation. Although prepared by the scheme actuary, it is important for the scheme lawyer to be aware of the methods and assumptions on which the valuation is based. This note examines the key elements that the actuary considers in carrying out the valuation and a summary of the process used to produce the final document.