Past service reserve | Practical Law

Past service reserve | Practical Law

Past service reserve

Past service reserve

Practical Law UK Glossary 9-500-8614 (Approx. 3 pages)

Glossary

Past service reserve

An actuarial method for calculating the value of a member's benefits in a defined benefit pension scheme. The method uses the value of the member's accrued benefits based on his pensionable service at the calculation date and the member's projected final pensionable salary as at the date of eventual retirement or assumed earlier death or leaving service.
For further details, see Practice notes, Pensions: asset purchases and Pensions: share purchases.