S.L. 514.4 Art. 5

(1) In accordance with article 16 of the Act and the Pension Rules issued thereunder, every defined benefit retirement scheme shall appoint an actuary approved by the competent authority.

(2) The retirement scheme shall obtain within such period as stipulated in Pension Rules, an actuarial valuation as set out in the Pension Rules from the retirement scheme’s actuary and afterwards

*see regulattion 1(2) of these Regulations, as originally promulgated. obtain such a valuation at such intervals as stipulated in Pension Rules.

(3) The retirement scheme shall in such circumstances, or on such dates, or within such periods as stipulated in Pension Rules obtain a certificate prepared by the retirement scheme’s actuary -

(a) stating whether or not in his opinion the contributions payable towards the retirement scheme are adequate for the purpose of securing that the technical funding requirement will continue to be met throughout the prescribed period or, if it appears to him that it is not met, whether or not in his opinion it will be met by the end of that period; and

(b) indicating any relevant changes that have occurred since the last actuarial valuation was prepared.

(4) The retirement scheme shall obtain an actuarial valuation within the period stated in sub-regulation (2):

(a) in the event that the actuary states in the certificate referred to in sub-regulation (3), that in his opinion:

(i) the contributions payable towards the retirement scheme are not adequate for the purpose of securing that the technical funding requirement will continue to be met throughout the period stipulated in Pension Rules; or

(ii) the technical funding requirement is not met at the time of issue of the certificate; or

(iii) it will not be met by the end of that period; or

(b) in such circumstances as may be stipulated in Pension Rules.

(5) If the retirement scheme obtains a valuation under sub-regulation (4), it shall do so -

(a) in the case of a valuation required by paragraph (a) thereof, within the period of three months or such other period as may be determined by the competent authority reckoned from the date of the actuarial certificate, and

(b) in any other case, within such period as may be stipulated in Pension Rules.

(6) A valuation or certificate shall be prepared in such manner, give such information and contain such statements as may be stipulated in Pension Rules.