PART 1

Collective money purchase benefits

Valuation and benefit adjustment

Advice of scheme actuary
19
1
The trustees of a collective money purchase scheme must obtain the advice of the scheme actuary before making a decision as to the methods and assumptions to be used in determining the matters mentioned in section 18(1) and (2).
2
The Secretary of State may by regulations specify requirements with which the scheme actuary must comply when advising the trustees in accordance with subsection (1).
3
Regulations under subsection (2) may, among other things, require the scheme actuary to have regard to guidance that is prepared, and from time to time revised, by a person specified or described in the regulations.
4
Section 10 of the Pensions Act 1995 (civil penalties) applies to a trustee who fails to take all reasonable steps to comply with subsection (1).
5
The first regulations under subsection (2) are subject to affirmative resolution procedure.
6
Subsequent regulations under subsection (2) are subject to negative resolution procedure.