Point in time view as at 01/01/2007.
Pensions Act 2004, Section 223 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The trustees or managers must prepare, and from time to time review and if necessary revise, a written statement of—
(a)their policy for securing that the statutory funding objective is met, and
(b)such other matters as may be prescribed.
This is referred to in this Part as a “statement of funding principles”.
(2)The statement must, in particular, record any decisions by the trustees or managers as to—
(a)the methods and assumptions to be used in calculating the scheme’s technical provisions, and
(b)the period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied.
(3)Provision may be made by regulations—
(a)as to the period within which a statement of funding principles must be prepared, and
(b)requiring it to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed.
(4)Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.
Modifications etc. (not altering text)
C1Pt. 3 excluded by S.I. 2000/3198 Sch. (as inserted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 13(4))
C2Pt. 3 applied (30.12.2005) by The Occupational Pension Schemes (Cross-border Activities) Regulations 2005 (S.I. 2005/3381), regs. 1, 15(1)
C3Pt. 3 modified (30.12.2005) by The Occupational Pension Schemes (Regulatory Own Funds) Regulations 2005 (S.I. 2005/3380), regs. 1, 5(1)
C4Pt. 3 excluded (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 17
C5Pt. 3 modified (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), regs. 1, 19, Sch. 2
C6Pt. 3 extended by S.I. 1996/1172 reg. 49(4)(a)(i) (as substituted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 1(5)(a))
Commencement Information
I1S. 223 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1
I2S. 223 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1
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