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Paragraph 12.1

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

The Trustees shall instruct the Actuary to investigate the financial position of the Scheme and each Section by carrying out an actuarial investigation such as to satisfy the relevant provisions of the Pensions Act 1995 within a period prescribed (and at intervals required) for the purposes of sections 41 and 57 of that Act, such that the effective date of any such valuation shall be not later than three years after the previous one or such later date as shall satisfy the relevant provisions of the Pensions Act 1995. The actuarial valuation must show the Section Assets and the Section Liabilities in respect of each Section separately.