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

PART I CERTIFICATION

1.  A certificate given in the case mentioned in section 58(6)(a) (minimum funding requirement met on date certificate signed) must be in the form set out in Part II.

2.  A certificate given in the case mentioned in section 58(6)(b) (minimum funding requirement not met on date certificate signed) must be in that form, but with the substitution for the word “throughout” in paragraph 1 of the words “by the end of”.

3.  Where a certificate is given in a case where section 58(6)(b) has effect with the words added by regulation 17(2), there must be added at the end of paragraph 1 of the certificate either—

(a) the words “and are such that the amount by which the value of the scheme assets falls short of the amount of the scheme liabilities will be reduced by additional contributions of equal or decreasing amounts made at not more than yearly intervals throughout that period”; or

(b) the words “and are such that the amount by which the value of the scheme assets falls short of the amount of the scheme liabilities will be reduced by increasing some or all of the contribution rates by a percentage which either remains the same or decreases during that period”,

as appropriate.

4.  Where a certificate is given in a case where section 58(6)(b) has effect with the words added by regulation 17(3), there must be added at the end of paragraph 1 of the certificate the words “and are such that they meet the uniform funding requirement specified in regulation 17 of the Occupational Pension Schemes (Minimum Funding Requirement and Actuarial Valuations) Regulations 1996”.