SCHEDULE 4TRANSITIONAL PROVISIONS AND SAVINGS

PART 1Transitional provisions

2.  Section 224 of the 2004 Act (actuarial valuations and reports) applies to the scheme as if—

(a)it included a requirement for the trustees or managers of the scheme—

(i)to obtain an actuarial valuation (“the first valuation under the 2004 Act”), in accordance with the requirements specified in paragraph 3 of this Schedule, and

(ii)to ensure that the first valuation under the 2004 Act is received by them within the relevant period specified in paragraph 4 of this Schedule;

(b)neither paragraph (a) of subsection (1) nor subsection (4) applied in relation to the first valuation under the 2004 Act, and

(c)paragraph (a) of subsection (3) were omitted.