Regulation P8 Periodical valuation of superannuation funds

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. P8 amended by Local Government Superannuation 1989
reg. and 9(3)(a)-(e) replaced (by reg.E9(3)(a)-(d)) by Local Government Superannuation 1997 reg.16
reg.P8(4) added by Local Government Superannuation 1997 reg.28
reg. P8 amended by Local Government Superannuation 1990
reg.P8(1) amended by Local Government (Superannuation and Compensation for Redundancy or Premature Retirement) 1995 reg.5(3)(a)
reg.P8(1A) added by Local Government (Superannuation and Compensation for Redundancy or Premature Retirement) 1995 reg.5(3)(b)

(1)

Every administering authority shall obtain an actuarial valuation of the assets and liabilities of each of their superannuation funds as at 31st March in the year 1990 and in every fifth year thereafter, together with a report by the actuary and shall for that purpose provide the actuary with the consolidated revenue account of each fund and such other information as he may require.

(2)

Unless the Secretary of State allows an extended period, the valuation and report are to be obtained within 21 months from the date as at which the valuation is made.

(3)

Forthwith upon receiving any such valuation and report an administering authority shall—

(a)

send copies of them to the Secretary of State and to each body whose employees contribute to the fund,

(b)

send the Secretary of State a copy of the consolidated revenue account with which the actuary was provided, and

(c)

unless the report contains a summary of the assets of the fund at the date as at which the valuation was made, send the Secretary of State such a summary.