C4C6C7C1C2C3C9C8Part 3Scheme funding

Annotations:
Modifications etc. (not altering text)
C4

Pt. 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))

C3

Pt. 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))

Scheme funding

I2I1C4C6C7C1C2C5C3230C4C6C7C1C2C3Matters on which advice of actuary must be obtained

1

The trustees or managers must obtain the advice of the actuary before doing any of the following—

a

making any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));

b

preparing or revising the statement of funding principles (see section 223);

c

preparing or revising a recovery plan (see section 226);

d

preparing or revising the schedule of contributions (see section 227);

e

modifying the scheme as regards the future accrual of benefits under section 229(2).

2

Regulations may require the actuary to comply with any prescribed requirements when advising the trustees or managers of a scheme on any such matter.

3

The regulations may require the actuary to have regard to prescribed guidance.

“Prescribed guidance” means guidance that is prepared and from time to time revised by a prescribed body F1....

4

Where subsection (1) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.