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102(1)The Fund trustees must keep proper accounts (and must, in particular, prepare annual statements of account for each financial year).
(2)The Fund trustees must, within 7 months of the end of each financial year—
(a)arrange for the audit of the annual accounts for that year, and
(b)lay a copy of the annual accounts and audit report before the Scottish Parliament.
103(1)The “scheme actuary” is the person appointed by the Fund trustees in accordance with section 47(1)(b) of the Pensions Act 1995 (c. 26).
(2)The Fund trustees may obtain an actuarial report on the scheme at any time they think fit (and must do so at intervals of no more than 3 years).
(3)An actuarial report is to include—
(a)a report on the general financial position of the Pension Fund,
(b)an actuarial valuation of the Pension Fund’s assets and liabilities, and
(c)the scheme actuary’s recommended rate for future contributions under rule 32 (expressed as a percentage of participating member salary payments).
(4)The Fund trustees must lay a copy of each actuarial report before the Scottish Parliament within 3 months of obtaining it.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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