L3.—(1) The Committee—
(a)shall obtain an actuarial valuation of the assets and liabilities of the fund as at 31st March in the year 2001 and in every third year afterwards, together with a report by the actuary; and
(b)shall for that purpose provide the actuary with the consolidated revenue account of the fund and such other information as he may require.
(2) Unless the Department allows an extended period, the valuation and report are to be obtained within 12 months from the date as at which the valuation is made.
(3) Immediately the Committee receives any such valuation and report it shall—
(a)send copies of them—
(i)to the Department,
(ii)to each body whose employees contribute to the fund, and
(iii)to any other body which is or may become liable to make payments to the fund in respect of pensions; and
(b)send to the Department—
(i)a copy of the consolidated revenue account with which the actuary was provided, and
(ii)a summary of the assets of the fund at the date as at which the valuation was made (unless such summary is contained in the report).
(4) Where an admission agreement ceases to have effect, the Committee shall obtain an actuarial valuation as at the date of the cessation of the agreement of the liabilities of the employing body as respects the fund and shall send copies of it to that body and to the Department.
L4.—(1) The Committee shall, as soon as is reasonably practicable after obtaining a valuation from an actuary under regulation L3(1) or (4), obtain from him a certificate specifying—
(a)the common rate of employer’s contribution, and
(b)any individual adjustments,
for each year of the period of three years beginning with 1st April in the following year.
(2) For the purposes of paragraph (1), the common rate of employer’s contribution is the percentage of the remuneration of its employees who are members which should in the actuary’s opinion be paid to the fund by all bodies whose employees contribute to it so as to ensure its solvency, having regard—
(a)to the existing and prospective liabilities of the fund arising from circumstances common to all those bodies, and
(b)to the desirability of maintaining as nearly constant a rate as possible.
(3) An individual adjustment is any percentage or amount by which in the actuary’s opinion contributions at the common rate should in the case of a particular body be increased or reduced, having regard to existing or prospective liabilities of, or of benefits accruing to, the fund arising from circumstances peculiar to that body.
(4) Immediately the Committee receives a certificate under this regulation it shall send a copy of it—
(a)to the Department,
(b)to each body whose employees contribute to the fund, and
(c)to any other body which is or may become liable to make payments to the fund in respect of pensions.