Section 226 Recovery planC1C2C3C4C5C7I1I2C6

If having obtained an actuarial valuation it appears to the trustees or managers of a scheme that the statutory funding objective was not met on the effective date of the valuation, they must, within the prescribed time—

A recovery plan must set out—

A recovery plan must comply with any prescribed requirements and must be appropriate having regard to the nature and circumstances of the scheme.

F1Provision may be made by regulations as to the matters to be taken into account, or the principles to be followed, in determining for the purposes of subsection (3) whether a recovery plan is appropriate having regard to the nature and circumstances of the scheme.

In preparing or revising a recovery plan the trustees or managers must take account of prescribed matters.

Provision may be made by regulations as to other circumstances in which a recovery plan may or must be reviewed and if necessary revised.

The trustees or managers must, except in prescribed circumstances, send a copy of any recovery plan to the Regulator within a reasonable period after it is prepared or, as the case may be, revised.

The copy of any recovery plan sent to the Regulator must be accompanied by the prescribed information.

Where any requirement of this section is not complied with, section 10 of the Pensions Act 1995 (c. 26) (civil penalties) applies to a trustee or manager who has failed to take all reasonable steps to secure compliance.