PART IVSCHEME FUNDING
Scheme funding
Recovery plan205
1
If having obtained an actuarial valuation it appears to the trustees or managers of a scheme that the statutory funding objective was not met on the effective date of the valuation, they must within the prescribed time—
a
if there is no existing recovery plan in force, prepare a recovery plan;
b
if there is an existing recovery plan in force, review and if necessary revise it.
2
A recovery plan must set out—
a
the steps to be taken to meet the statutory funding objective, and
b
the period within which that is to be achieved.
3
A recovery plan must comply with any prescribed requirements and must be appropriate having regard to the nature and circumstances of the scheme.
4
In preparing or revising a recovery plan the trustees or managers must take account of prescribed matters.
5
Provision may be made by regulations as to other circumstances in which a recovery plan may or must be reviewed and if necessary revised.
6
The trustees or managers must, except in prescribed circumstances, send a copy of any recovery plan to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.
The copy of any recovery plan sent to the Regulator must be accompanied by the prescribed information.
7
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.