Social Welfare and Pensions Act 2011
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Amendment of section 43 of Principal Act. |
29.— Section 43 of the Principal Act is amended— | |
(a) in subsection (1) by substituting “and, subject to subsections (1A) and (1B)” for “and, subject to subsection (1A)”, | ||
(b) by inserting the following subsections after subsection (1A): | ||
“(1B) Notwithstanding subsections (1) and (1A) and subject to section 53M, in the case of a relevant scheme which is a regulatory own funds scheme an actuarial funding certificate shall be submitted to the Board having an effective date of: | ||
(a) in the case of a relevant scheme which on 23 September 2010 was a regulatory own funds scheme, not later than 6 months after the date on which Chapter 2 of Part 4 of the Social Welfare and Pensions Act 2011 comes into operation; | ||
(b) in the case of a relevant scheme which commences after 23 September 2010 and which from the relevant scheme’s commencement is a regulatory own funds scheme— | ||
(i) not later than 4 weeks after the date of commencement of the relevant scheme, or | ||
(ii) not later than 4 weeks after the date on which Chapter 2 of Part 4 of the Social Welfare and Pensions Act 2011 comes into operation, | ||
whichever is the later; | ||
(c) in the case of a relevant scheme which at its commencement was not a regulatory own funds scheme but becomes a regulatory own funds scheme after 23 September 2010— | ||
(i) not later than 4 weeks after the date on which the scheme becomes a regulatory own funds scheme, or | ||
(ii) not later than 4 weeks after the date on which Chapter 2 of Part 4 of the Social Welfare and Pensions Act 2011 comes into operation, | ||
whichever is the later. | ||
(1C) While a relevant scheme to which this Part applies remains a regulatory own funds scheme each actuarial funding certificate submitted after the appropriate effective date referred to in subsection (1B) shall have an effective date not later than one year after the effective date of the immediately preceding certificate. | ||
(1D) Where, in accordance with subsection (1B) or (1C) an actuarial funding certificate has been prepared and the relevant scheme subsequently ceases to be a regulatory own funds scheme, any subsequent actuarial funding certificate shall have an effective date not later than 3 years after the effective date of the immediately preceding certificate.”, | ||
(c) in subsection (2) by substituting “subsections (3), (3A), (3B) and (4)” for “subsections (3) and (4)”, | ||
(d) in subsection (3), by substituting “then, subject to subsection (3A), in each case,” for “then, in each case,”, | ||
(e) by inserting the following subsections after subsection (3): | ||
“(3A) Subsection (3) shall not apply in relation to an annual report prepared under subsection (1) of section 55 where, on the last day of the period to which the report relates, the relevant scheme was a regulatory own funds scheme. | ||
(3B) Subject to section 53M an actuarial funding certificate required under subsection (1B) or (1C) shall be submitted to the Board by the trustees of the regulatory own funds scheme within 3 months of the effective date of the certificate.”, | ||
and | ||
(f) by substituting the following subsection for subsection (4): | ||
“(4) The Board, on application to it in that behalf by the trustees of a scheme, may extend the time limit within which an actuarial funding certificate shall be submitted to the Board under subsection (2), (3) or (3B), as the case may be, for a period not exceeding 6 months where the Board considers the extension is appropriate having regard to the circumstances of the application concerned.”. |