Regulation 3 Certification requirement in respect of a power which would or might affect any entitlement or accrued right

(1)

For the purposes of section 67(4)(a) of the 1995 Act (certification requirements in respect of any power conferred on any person by an occupational pension scheme to modify that scheme) the prescribed requirement is that an actuary shall certify to the trustees of the scheme that, in his opinion, the exercise of the power in the proposed manner to modify the scheme would not adversely affect any member of the scheme (without his consent) in respect of his entitlement, or accrued rights, acquired before that power is exercised.

(2)

The reference to an actuary in paragraph (1) shall mean—

(a)

in a case where the requirement of section 47(1)(b) of the 1995 Act (appointment of professional advisers) applies, the individual appointed by the trustees or managers as actuary in accordance with the requirements of section 47 of the 1995 Act;

(b)

in any other case—

(i)

a Fellow of the Institute of Actuaries,

(ii)

a Fellow of the Faculty of Actuaries, or

(iii)

a person with actuarial qualifications who is approved by the Secretary of State.