Regulation 7 Scheme actuary and actuarial valuationsI1

The Minister must appoint a person (the “scheme actuary”) to provide a consulting service on actuarial matters in relation to this scheme and any connected scheme.

The scheme actuary is responsible for–

Before appointing any individual as scheme actuary the Minister must be satisfied that the individual is appropriately qualified to carry out valuations of this scheme and any connected scheme in accordance with Treasury directions under section 11(2) of the Act (“Treasury directions”).

The scheme manager is responsible for providing the scheme actuary with any data that the scheme actuary requires to carry out a valuation of the scheme and prepare a report.

A valuation of the scheme and the preparation of a report on the scheme must be carried out–