Flowchart 3: Using the actuarial equivalence route
This is a transcript of the flowchart intended as supporting material for: Code 10 Modification of subsisting rights.
From trustee activities: decision to use actuarial equivalence route – go to 1
1. Trustee to seek actuarial confirmation that actuarial value of member’s subsisting rights will be maintained (Ref: Para. 63) – go to 2
2. Actuary to provide confirmation that the actuarial value of member’s subsisting rights will be maintained (Ref: Para. 63) – go to 3
3. Trustee to explain modification to member (Ref: Para. 50 and 51). Member requests representation – go to 4
4. Trustee to consider member representations and determine what action to take (Ref: Para. 55 to 57)
If required, modify proposal, if modification material – return to 3
If required, modify proposal, if modification not material – go to 5
If decision re: representation – go to 5
5. Trustee to determine whether to proceed with proposed modification and notify member within reasonable period of decision and before modification takes effect (Ref: Para. 70 to 73)
If decision to proceed – go to 6