Practical Law UK Glossary 1-206-1963 (Approx. 4 pages)
Glossary
Technical provisions
Introduced by the Pensions (IORP) Directive, and incorporated into UK law by the Pensions Act 2004, the technical provisions of a salary-related pension scheme are the amount required to cover its liabilities. Essentially, this means the current discounted capital value of the future liabilities, expressed in actuarial terms.