The Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024

Determination, review and revision of funding and investment strategy

13.—(1) The first funding and investment strategy for a scheme must be determined within the period of 15 months beginning with the effective date of the first actuarial valuation obtained by the trustees or managers, whether under section 224 of the Act (actuarial valuations and reports) or otherwise, on or after 22nd September 2024.

(2) The funding and investment strategy must be reviewed and, if applicable, revised—

(a) within the period of 15 months beginning with the effective date of each subsequent actuarial valuation under section 224(1)(a) of the Act,

(b) in the case of an actuarial valuation where the Regulator has given directions under section 231(2)(b)(i) of the Act (power of the Regulator to give directions as to the manner in which technical provisions are to be calculated)—

(i) within the period of 3 months beginning with the date of the directions if the effective date of the valuation is before the date of the directions, and

(ii) within the period of 6 months beginning with the effective date of the valuation if that date is the same as or later than the date of the directions,

(c) in the case of an actuarial valuation which does not fall within sub-paragraph (a) or (b), within the period of 15 months beginning with the effective date of the valuation,

(d) where the Regulator has given a direction under section 231(2)(aa)(1) of the Act (power of the Regulator to give a direction to revise the funding and investment strategy), and in a case which does not fall within sub-paragraphs (a) to (c), within the period of 3 months beginning with the date of the direction, and

(e) as soon as reasonably practicable after any material change in the circumstances of the scheme or of the employer in relation to the scheme.

(3) In paragraph (2)(e)—

(a) a material change in the circumstances of the scheme includes but is not limited to—

(i) a material change in the value of the assets of the scheme relative to the value of its liabilities, or

(ii) a material change in the maturity of the scheme, and

(b) a material change in the circumstances of the employer in relation to the scheme includes but is not limited to a material change in the strength of the employer covenant.

(1)

Section 231(2)(aa) of the Act was inserted by paragraph 7(3) of Schedule 10 to the Pension Schemes Act 2021.