PART IVN.I.SCHEME FUNDING

Modifications etc. (not altering text)

Scheme fundingN.I.

Actuarial valuations and reportsN.I.

203.—(1) The trustees or managers must obtain actuarial valuations—

(a )F1F2at intervals of not more than one year or, if they obtain actuarial reports for the intervening years, at intervals of not more than three years, and

(b)in such circumstances and on such other occasions as may be prescribed.

(2) In this Part—

(a )F2an “actuarial valuation” means a written report, prepared and signed by the actuary, valuing the scheme's assets and calculating its technical provisions,

(b)the effective date of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions calculated,

(c )F1F2an “actuarial report” means a written report, prepared and signed by the actuary, on developments affecting the scheme's technical provisions since the last actuarial valuation was prepared, and

(d )F1F2the effective date of an actuarial report is the date by reference to which the information in the report is stated.

(3 )F1 The intervals referred to in paragraph (1)(a) are between effective dates of the valuations, and—

(a )F1F2the effective date of the first actuarial valuation must be not more than one year after the establishment of the scheme, and

(b )F1F2the effective date of any actuarial report must be not more than one year after the effective date of the last actuarial valuation, or, if more recent, the last actuarial report.

(4 )F1 F2The trustees or managers must ensure that a valuation or report obtained by them is received by them within the prescribed period after its effective date.

(5 )F1 F2Nothing in this Article affects any power or duty of the trustees or managers to obtain actuarial valuations or reports at more frequent intervals or in other circumstances or on other occasions.

(6 )F1 F2An actuarial valuation or report (whether obtained under this Article or in pursuance of any other power or duty) must be prepared in such a manner, give such information, contain such statements and satisfy such other requirements as may be prescribed.

(7 )F1 F2The trustees or managers must secure that any actuarial valuation or report obtained by them (whether obtained under this Article or in pursuance of any other power or duty) is made available to the employer within seven days of their receiving it.

[F3(7A) As soon as reasonably practicable after receiving an actuarial valuation, the trustees or managers must send a copy of it to the Regulator, together with such other information as may be prescribed.]

(8) Where paragraph (1), (4) [F4or (7)] [F4, (7) or (7A)] is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.

F1mod. by SR 2005/568

F2mod. by SR 2005/570

F4Words in art. 203(8) substituted (11.2.2021 for specified purposes) by Pension Schemes Act 2021 (c. 1), s. 131(2)(d)(3)(c), Sch. 11 para. 4(3)