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Amendment of section 55 of Principal Act.
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37.—Section 55 of the Principal Act is amended—
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(a) by the substitution in paragraph (b) of subsection (2) of “1997, or” for “1997.”;
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(b) by the insertion after paragraph (b) of subsection (2) of the following paragraph:
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“(c) to such extent as may be prescribed, a scheme the winding up of which has commenced.”; and
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(c) by the insertion after subsection (2) of the following subsections—
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“(3) Where an actuarial funding certificate having an effective date after 1 January 2001 has been prepared under section 42 in relation to a scheme each annual report prepared under subsection (1) which relates to a period ending on a day which falls after the effective date of that actuarial funding certificate shall, unless subsection (4) applies to it, include a statement by an actuary in such form as may be prescribed as to whether 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.
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(4) Where in the most recent actuarial funding certificate prepared under section 42 in relation to a scheme the actuary certifies that at the effective date of that certificate the scheme does not satisfy the funding standard, and a funding proposal has been submitted by the trustees of the scheme to the Board in accordance with section 49, each annual report prepared under subsection (1) which relates to a period ending on a day which falls after the effective date of that actuarial funding certificate shall include a statement by an actuary in such form as may be prescribed as to whether he is reasonably satisfied at the last day of the period to which the annual report relates that the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate.
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(5) Where an annual report prepared under subsection (1)—
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(a) does not contain a statement by the actuary required under subsection (3) or (4), as appropriate, or
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(b) contains the statement by an actuary required under 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 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 notify the Board in writing to that effect within such time limit as may be prescribed.
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(6) Regulations may prescribe that an actuary, in making the statement referred to in subsection (3) or (4) shall comply with the applicable professional guidance issued by the Society of Actuaries in Ireland and specified in the regulations or with any applicable guidance issued by any other person and specified in the regulations.”.
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