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Amendment of section 43 of Principal Act.
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29.—Section 43 of the Principal Act is amended—
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(a) in subsection (1) by—
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(i) the substitution for paragraph (a) of the following paragraph:
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“(a) in the case of a relevant scheme which commenced before 1 January 1991, not later than 1 January 1994, and”;
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and
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(ii) the substitution in paragraph (b) for “such commencement” of “1 January 1991”;
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(b) by the insertion in subsection (2) after “prescribed” of “and except in the case provided for in subsection (3)”; and
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(c) by the insertion after subsection (2) of the following—
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“(3) If an annual report prepared under subsection (1) of section 55—
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(a) does not contain the statement by an actuary required under subsection (3) or (4) of that section, as appropriate, or
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(b) contains the statement by an actuary required under that subsection (3) but the actuary does not state therein that he is reasonably satisfied that, if he were to prepare under section 42 an actuarial funding certificate having an effective date of the last day of the period to which the annual report relates, he would certify that the scheme satisfies the funding standard provided for in section 44, or
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(c) contains the statement by an actuary required under that subsection (4) but the actuary does not state therein that he is reasonably satisfied that the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate,
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then, in each case, the trustees of the scheme shall submit an actuarial funding certificate to the Board within twelve months of the last day of the period to which the annual report relates and such a certificate shall have an effective date not earlier than the last day of the period to which the annual report relates.”.
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