(1)Scheme regulations for a scheme under section 1 which is a defined benefits scheme must provide for actuarial valuations to be made of—
(a)the scheme, and
(b)any statutory pension scheme that is connected with it.
(2)Such a valuation is to be carried out in accordance with Treasury directions.
(3)Treasury directions under subsection (2) may in particular specify—
(a)how and when a valuation is to be carried out;
(b)the time in relation to which a valuation is to be carried out;
(c)the data, methodology and assumptions to be used in a valuation;
(d)the matters to be covered by a valuation;
(e)where a scheme under section 1 and another statutory pension scheme are connected, whether the schemes are to be valued separately or together (and if together, how);
(f)the period within which any changes to the employer contribution rate under a scheme under section 1 must take effect following a valuation.
(4)Treasury directions under subsection (2), and variations and revocations of such directions, may only be made after the Treasury has consulted the Government Actuary.
(5)Scheme regulations for a scheme under section 1 which is not a defined benefits scheme may provide for actuarial valuations to be made of the scheme and any statutory pension scheme that is connected with it; and if they do, subsections (2) to (4) apply.
Commencement Information
I1S. 11 in force at 1.4.2015 for specified purposes by S.I. 2014/1912, art. 3(1)(2)
I2S. 11 in force at 1.4.2015 for specified purposes by S.I. 2015/4, art. 2(1)(2)(e)
I3S. 11(2)-(4) in force at 1.12.2013 for specified purposes by S.I. 2013/2818, art. 4(a)