S.L. 514.4 Art. 8Requirement for schedule of payments.

(1) A schedule of payments shall be prepared by the a retirement scheme before the end of such period as may be stipulated in Pension Rules, reckoned from the date of the first actuarial valuation for the retirement scheme, and shall thereafter be revised before the end of such period as may be prescribed, reckoned from the date of the signing of each subsequent actuarial valuation.

(2) Where from time to time, such revisions are agreed by the retirement scheme and the employer or contributor, and where applicable, any other contributor to the retirement scheme, and any such revision in the rates of contributions is certified by the actuary of the retirement scheme as meeting the requirements of the Act, or as may be prescribed or in the circumstances referred to in paragraph (b) of sub-regulation (3), the schedule of payments may be revised.

(3) The matters contained in the schedule of payments as revised shall be:

(a) matters previously agreed between the retirement scheme and the employer, and where applicable, any other contributor to the retirement scheme, or

(b) where no such agreement has been reached:

(i) the rates of contributions determined by the retirement scheme and the actuary of the retirement scheme and certified by the actuary of the retirement scheme, being such rates as in their opinion are adequate for the purpose of securing that the technical funding requirement will continue to be met throughout the prescribed period or where it appears to them that the technical funding requirement is not being met, such rates as are adequate for such requirement to be met by the end of that period; and

(ii) any other matters determined by the retirement scheme and the actuary of the retirement scheme.

(4) An agreement for the purposes of paragraph (a) of sub-regulation (3) shall be made during such period as may be stipulated in Pension Rules, beginning with the signing of the last preceding actuarial valuation for the retirement scheme.

(5) The actuary shall not certify the schedule of payments -

(a) where it appears to him that the technical funding requirement is met, unless he is of the opinion that the rates are adequate for the purpose of securing that the requirement will continue to be met throughout the period stipulated in Pension Rules, and

(b) in any other case, unless he is of the opinion that the rates are adequate for the purpose of securing that the requirement will be met by the end of that period.

(6) The competent authority may extend, or further extend the period referred to in sub-regulation (1), and where it refuses to extend, or further extend such period, it shall give written notice to the retirement scheme of the refusal together with a statement of reasons for the decisions.