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The Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations (Northern Ireland) 1996

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Time limits for minimum funding valuations

10.—(1) In the case of a scheme—

(a)which commences on or after the commencement date;

(b)in relation to which there was no disclosure valuation before that date, or

(c)to which Article 56 (minimum funding requirement) first applies after that date,

the first minimum funding valuation to be obtained in relation to the scheme under Article 57(1)(a)—

(i)shall be by reference to an effective date no later than the first anniversary of the date on which the scheme commences or, as the case may be, Article 56 first applies to it, and

(ii)shall be obtained by the trustees or managers before the end of the period of one year beginning with its effective date.

(2) In the case of any other scheme the first minimum funding valuation to be obtained in relation to the scheme under Article 57(1)(a)—

(a)shall be by reference to an effective date no later than the third anniversary of the effective date of the last disclosure valuation in relation to the scheme before the commencement date, and

(b)shall be obtained by the trustees or managers before the end of the period of one year beginning with its effective date.

(3) Any subsequent minimum funding valuation in relation to the scheme under Article 57(1)(a) shall be obtained by the trustees or managers—

(a)in a case where the effective date of the valuation is not later than the third anniversary of the effective date of the last minimum funding valuation, before the end of the period of 4 years beginning with the date on which the last minimum funding valuation was signed;

(b)otherwise, before the end of the period of 3 years beginning with the date on which the last minimum funding valuation was signed.

(4) A minimum funding valuation shall be signed before the end of the period of one year beginning with its effective date.

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