15. In the Occupational Pension Schemes (Scheme Funding) Regulations 2005(1)—
(a)in regulation 2 (interpretation), in the appropriate alphabetical place insert—
““the Board for Actuarial Standards” means the operating body of that name of the Financial Reporting Council;”; and
(b)for regulation 15 (guidance relating to actuarial advice), substitute—
15. When advising the trustees or managers of a scheme on any of the matters specified in section 230(1) of the 2004 Act, the actuary shall have regard to the guidance note “Occupational Pension Schemes - scheme funding matters on which advice of actuary must be obtained” (GN49) adopted or prepared, and from time to time revised, by the Board for Actuarial Standards and approved for the purposes of these Regulations by the Secretary of State, with such revisions as have been so approved.”.