Pensions Act, 1990
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Funding proposal. |
49.—(1) Where, in accordance with the provisions of section 43 , the trustees of a scheme submit an actuarial funding certificate which certifies that at the effective date of the certificate the scheme does not satisfy the funding standard, they shall submit to the Board a proposal (in this Part referred to as a “funding proposal”) in accordance with the provisions of this section. | |
(2) A funding proposal shall— | ||
(a) contain a proposal designed to ensure that, in the opinion of the actuary, the scheme could reasonably be expected to satisfy the funding standard at the effective date of the next actuarial funding certificate, | ||
(b) be certified by the actuary as meeting the requirements of paragraph (a), | ||
(c) be signed by or on behalf of the employer signifying agreement to the proposal, and | ||
(d) such funding proposal shall be submitted by the trustees of the scheme with the actuarial funding certificate to which it relates. | ||
(3) The Board may, where it considers it necessary or appropriate in any individual case, modify the requirements of subsection (2) in respect of the scheme or schemes to which that case relates in such circumstances and on such terms as it considers appropriate. |