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Statutory funding objective
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Statutory funding objective
Practical Law UK Glossary 3-206-1962
(Approx. 3 pages)
Glossary
Statutory funding objective
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
.