Part 3E+W+SScheme funding

Modifications etc. (not altering text)

C6Pt. 3 extended by S.I. 1996/1172 reg. 49(4)(a)(i) (as substituted (30.12.2005) by The Occupational Pension Schemes (Scheme Funding) Regulations 2005 (S.I. 2005/3377), reg. 1, Sch. 3 para. 1(5)(a))

Scheme fundingE+W+S

230Matters on which advice of actuary must be obtainedE+W+S

(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.

Modifications etc. (not altering text)

Commencement Information

I1S. 230 in force at 4.12.2005 for specified purposes by S.I. 2005/3331, art. 2(1), Sch. Pt. 1

I2S. 230 in force at 30.12.2005 in so far as not already in force by S.I. 2005/3331, art. 2(1), Sch. Pt. 1