Pensions Act 2004

22 (1) The Board must— U.K.

(a) keep proper accounts and proper records in relation to the accounts, and

(b) prepare in respect of each financial year a statement of accounts.

(2) Each statement of accounts must—

(a) contain an actuarial valuation of the Pension Protection Fund, and

(b) comply with any accounting directions given by the Secretary of State with the approval of the Treasury.

(3) For the purposes of sub-paragraph (2)—

• “actuarial valuation”, with respect to the Fund, means a valuation, prepared and signed by the appointed actuary, of the assets and liabilities of the Fund;

• “accounting direction” means a direction regarding—

  (a)

  the information to be contained in a statement of accounts and the manner in which it is to be presented;

  (b)

  the methods and principles according to which the statement is to be prepared;

  (c)

  the additional information (if any) which is to be provided for the information of Parliament.

(4) In sub-paragraph (3)—

(a) “the appointed actuary” means a person with prescribed qualifications or experience, or a person approved by the Secretary of State, who is appointed by the Board for the purposes of this paragraph, and

(b) the liabilities and assets to be taken into account in preparing the actuarial valuation, and their amount or value, are to be determined, calculated and verified by the appointed actuary in the prescribed manner.

(5) The Board must send a copy of each statement of accounts—

(a) to the Secretary of State, and

(b) to the Comptroller and Auditor General,

before the end of the month of August next following the financial year to which the statement relates.

(6) The Comptroller and Auditor General must—

(a) examine, certify and report on each statement of accounts which he receives under sub-paragraph (5), and

(b) lay a copy of each statement and of his report before each House of Parliament.

(7) In this paragraph “financial year” means—

(a) the period beginning with the date on which the Board is established and ending with the next following 31st March, and

(b) each successive period of 12 months.

Commencement Information

I1 Sch. 5 para. 22(1)-(3)(5)-(7) in force at 6.4.2005 by S.I. 2005/275, art. 2(7), Sch. Pt. 7