Part 3Scheme funding

Scheme funding

I1230Matters on which advice of actuary must be obtained

1

The trustees or managers must obtain the advice of the actuary before doing any of the following—

a

making any decision as to the methods and assumptions to be used in calculating the scheme’s technical provisions (see section 222(4));

b

preparing or revising the statement of funding principles (see section 223);

c

preparing or revising a recovery plan (see section 226);

d

preparing or revising the schedule of contributions (see section 227);

e

modifying the scheme as regards the future accrual of benefits under section 229(2).

2

Regulations may require the actuary to comply with any prescribed requirements when advising the trustees or managers of a scheme on any such matter.

3

The regulations may require the actuary to have regard to prescribed guidance.

“Prescribed guidance” means guidance that is prepared and from time to time revised by a prescribed body and, if the regulations so provide, is approved by the Secretary of State.

4

Where subsection (1) is not complied with, section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.