Regulation 9 Periodic actuarial valuations
This regulation prescribes the circumstances and the time to which Paragraph 5(1) refers (for the purposes of producing a valuation or giving a certificate to the Board).
Subject to the provisions of this regulation, whenever a valuation of assets and liabilities of the scheme is made the administrator shall in those circumstances, produce a written valuation (“signed valuation”) or give a certificate to the Board which fulfils the requirements of these Regulations, and
a signed valuation or a certificate shall in any event be produced or given to the Board by the administrator having an effective date not later than 3 years and 6 months after—
the effective date of the previous valuation or certificate, or
(where there is no previous valuation or certificate) the date when the scheme was established.
Paragraph (2)(b)(i) of this regulation shall apply to a scheme which is a “public service scheme” which fulfils the conditions of section 66(1) of the Social Security Pensions Act 1975f1 with the substitution for “3 years and 6 months” of “5 years”.
A “signed valuation” to which paragraph (2) refers shall be produced to the Board, dated and signed by—
a Fellow of the Institute of Actuaries; or
a Fellow of the Faculty of Actuaries; or
a person with other actuarial qualifications who has been approved as being a proper person to act for the purposes of regulation 8 of the Occupational Pension Schemes (Disclosure of Information) Regulations 1986f2 in connection with the scheme.
A date to which sub-paragraph (b)(i) or (ii) of paragraph (2) refers may be a date (where appropriate) before these Regulations come into force.
Annotations
Footnotes
- f1
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1975 c. 60; s. 66 was amended by section 4 of the Social Security Act 1980 (c. 30).
- f2
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S.I. 1986/1046; to which there are amendments not relevant to these Regulations.