196.—(1) The Department must appoint an individual (the “scheme actuary”) to provide a consulting service on actuarial matters in relation to this scheme and any connected scheme.
(2) The scheme actuary is responsible for—
(a)carrying out valuations of this scheme and any connected scheme; and
(b)preparing reports on the valuations.
(3) Before appointing an individual as scheme actuary the Department must be satisfied that the individual is appropriately qualified to carry out valuations of this scheme and any connected scheme in accordance with the Department of Finance and Personnel directions.
(4) The scheme administrator is responsible for providing the scheme actuary with any data that the scheme actuary requires in order to carry out a valuation and preparing a report on the valuation.
(5) A valuation of this scheme and any connected scheme and the preparation of a report on the valuation must be carried out in accordance with the Department of Finance and Personnel directions.
(6) Valuations of this scheme must be carried out within a time-frame which enables requirements in the Department of Finance and Personnel directions regarding dates applicable to the valuation to be met.