PART IVSCHEME FUNDING
Scheme funding
Statement of funding principles202
1
The trustees or managers must prepare, and from time to time review and if necessary revise, a written statement of—
a
their policy for securing that the statutory funding objective is met, and
b
such other matters as may be prescribed.
This is referred to in this Part as a “statement of funding principles”.
2
The statement must, in particular, record any decisions by the trustees or managers as to—
a
the methods and assumptions to be used in calculating the scheme’s technical provisions, and
b
the period within which, and manner in which, any failure to meet the statutory funding objective is to be remedied.
3
Provision may be made by regulations—
a
as to the period within which a statement of funding principles must be prepared, and
b
requiring it to be reviewed, and if necessary revised, at such intervals, and on such occasions, as may be prescribed.
4
Where any requirement of this Article is not complied with, Article 10 of the 1995 Order (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.