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Amendment of section 55 of Principal Act.
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38.— Section 55 of the Principal Act is amended by—
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(a) substituting the following subsection for subsection (3):
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“(3) Where an actuarial funding certificate having an effective date after 1 January 2001 and, on or after 1 June 2012, a funding standard reserve certificate 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 the actuarial funding certificate or funding standard reserve 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 or she is reasonably satisfied that, if he or she were to prepare under section 42 an actuarial funding certificate and, on or after 1 June 2012, a funding standard reserve certificate having an effective date of the last day of the period to which the annual report relates, he or she would certify—
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(a) in the case of the actuarial funding certificate, that the scheme satisfies the funding standard provided for in section 44(1), and
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(b) in the case of the funding standard reserve certificate, that the scheme satisfies the funding standard reserve provided for in section 44(2).”,
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(b) substituting the following subsection for subsection (4):
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“(4) Where in the most recent actuarial funding certificate or funding standard reserve certificate prepared under section 42 in relation to a scheme the actuary certifies that, in the case of an actuarial funding certificate, at the effective date of the actuarial funding certificate the scheme does not satisfy the funding standard, or, in the case of a funding standard reserve certificate, at the effective date of the funding standard reserve certificate the scheme does not satisfy the funding standard reserve 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 the actuarial funding certificate or funding standard reserve certificate shall include a statement by an actuary, in such form as may be prescribed, as to whether he or she is reasonably satisfied at the last day of the period to which the annual report relates that—
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(a) in the case of the actuarial funding certificate, the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate or, where applicable, any later date specified under subsection (3) or (3B) of section 49, or
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(b) in the case of the funding standard reserve certificate, the scheme will satisfy the funding standard reserve at the effective date of the next funding standard reserve certificate or, where applicable, any later date specified under section 49(3B).”,
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(c) substituting the following subsection for subsection (5):
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“(5) Where an annual report prepared under subsection (1)—
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(a) does not contain the statements by the actuary required under subsection (3) or (4), as appropriate, or
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(b) contains the statements by an actuary required under subsection (3)(a) and (b) but the actuary does not state therein that he or she is reasonably satisfied that, if he or she were to prepare under section 42 an actuarial funding certificate and a funding standard reserve certificate having an effective date of the last day of the period to which the annual report relates, he or she would certify, in the case of an actuarial funding certificate, that the scheme satisfies the funding standard provided for in section 44(1), or, in the case of a funding standard reserve certificate, that the scheme satisfies the funding standard reserve provided for in section 44(2), or
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(c) contains the statements by an actuary required under subsection (4)(a) and (b) but the actuary does not state therein that he or she is reasonably satisfied at the last day of the period to which the annual report relates that, in the case of an actuarial funding certificate, the scheme will satisfy the funding standard at the effective date of the next actuarial funding certificate or, where applicable, any later date specified under subsection (3) or (3B) of section 49, or that, in the case of a funding standard reserve certificate, the scheme will satisfy the funding standard reserve by the effective date of the next funding standard reserve certificate or, where applicable, any later date specified under section 49(3B),
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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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and
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(d) in subsection (6) by—
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(i) substituting “statements” for “statement”, and
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(ii) inserting “(including the Minister or the Board)” after “any other person”.
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