Regulation 2 Review and revision of statement of investment principles
Subject to paragraph (2), the prescribed intervals for the purposes of section 114(1)(b) of the Pensions Act 2004 (investment principles) at which the Board must secure that the statement of investment principles is reviewed and if necessary revised are intervals not exceeding 12 months beginning with—
in the case of the first review of that statement, the day that statement was prepared; or
in the case of each subsequent review, the day that statement was last reviewed or, as the case may be, last revised, whichever is the later.
The prescribed occasions on which the Board must secure that the statement of investment principles is reviewed and if necessary revised are when there has been a significant change in relation to any matter which —
is contained in the statement of investment principles; and
is included in that statement by virtue of regulation 4.
For the purposes of paragraph (2) a “significant change” means a change which results in the statement of investment principles being materially inappropriate.
For the purpose of paragraph (2) the review or revision must occur immediately after any such significant change.