Search Legislation

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

Status:

This is the original version (as it was originally made).

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 section 56 (minimum funding requirement) first applies after that date,

the first minimum funding valuation to be obtained in relation to the scheme under section 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, section 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 section 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 section 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 must be signed before the end of the period of one year beginning with its effective date.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources