S.L. 514.4 ст. 7Over-provisionina retirement scheme.

(1) Where an actuarial valuation shows that, on the effective date of the valuation, the value of the assets of the retirement scheme is more than the amount prescribed for the purposes of paragraph (b) of the definition ''technical funding requirement'' in regulation 2(2) (the difference shown in the valuation hereinafter referred to as ''the excess''), the competent authority may issue a directive to the employer or contributor and the retirement scheme to take such steps by such method as may be approved by the competent authority to secure an appropriate reduction in the value of the retirement scheme assets.

(2) The required reduction in that value must be secured before the end of such period as may be specified in the directive.

(3) If the employer or contributor and retirement scheme fail to secure the required reduction in value before the end of the period applicable under sub-regulation (2), the retirement scheme shall, within the period of thirty days reckoned from the end of that period, give written notice of that fact to the competent authority, members and beneficiaries of the retirement scheme.

(4) The competent authority may extend, or further extend the period referred to in sub-regulation (2), and where it refuses to extend, or further extend the period, it shall give written notice to the retirement scheme of the refusal together with a statement of reasons for the decision.