Regulation 113 Appointment of scheme actuary and actuarial valuationsI1
United Kingdom
The Secretary of State must appoint an actuary (the “scheme actuary”) to provide a consulting service on actuarial matters relevant to this scheme or a connected scheme.
The scheme actuary is responsible for—
carrying out valuations of the scheme and any connected scheme; and
preparing a report on such a valuation.
Before appointing an actuary as scheme actuary the Secretary of State must be satisfied that the actuary is appropriately qualified to carry out valuations of this scheme and any connected scheme in accordance with Treasury directions under section 11 of the Act (the “Treasury directions”).
The scheme administrator is responsible for providing the scheme actuary with any data that the scheme actuary requires, in accordance with Treasury directions, in order to carry out a valuation and prepare a report on the valuation.
A valuation of the scheme and any connected scheme and the preparation of a report on the valuation must be carried out in accordance with the Treasury directions.
Valuations of the scheme must be carried out within a time-frame which enables requirements in the Treasury directions regarding dates which are applicable to the valuation to be met.