40 Periodical re-examination of existing schemes.E+W+S
(1)Where a trade union maintains a members’ superannuation scheme, it shall arrange for the scheme to be examined periodically by an appropriately qualified actuary and for a report to be made to it by the actuary on the result of his examination.
(2)The examination shall be of the scheme as it has effect at such date as the trade union may determine, not being more than five years after the date by reference to which the last examination or, as the case may be, the examination of the proposals for the scheme was carried out.
(3)The examination shall include a valuation (as at the date by reference to which the examination is carried out) of the assets comprised in the fund maintained for the payment of benefits and of the liabilities falling to be discharged out of it.
(4)The actuary’s report shall state—
(a)whether in his opinion the premium or contribution rates are adequate,
(b)whether the accounting or funding arrangements are suitable, and
(c)whether in his opinion the fund for the payment of benefits is adequate.
(5)A copy of the report, signed by the actuary, shall be sent to the Certification Officer.
(6)The trade union shall make such arrangements as will enable the report to be sent to the Certification Officer within a year of the date by reference to which the examination was carried out.
(7)A copy of the actuary’s report shall, on the application of any of the union’s members, be supplied to him free of charge.