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Amendment of section 43 of Principal Act.
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28.— Section 43 of the Principal Act is amended by—
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(a) inserting the following subsection after subsection (1D):
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“(1E) In the case of a relevant scheme, a funding standard reserve certificate shall have the same effective date as the actuarial funding certificate for the scheme where the effective date of that actuarial funding certificate falls on or after 1 June 2012.”,
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(b) substituting the following subsection for subsection (2):
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“(2) Subject to subsections (2A), (3), (3A), (3B) and (4), an actuarial funding certificate and, on or after 1 June 2012, a funding standard reserve certificate shall be submitted to the Board by the trustees of the scheme within 9 months (or such other period as may be prescribed) of the effective date of the relevant certificate.”,
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(c) inserting the following subsection after subsection (2):
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“(2A) Notwithstanding the foregoing provisions of this section, the Board may, by notice in writing to the trustees of a relevant scheme, require the trustees to submit to the Board, by such date as may be specified in the notice, an actuarial funding certificate or funding standard reserve certificate having as an effective date such date as is specified in that notice and the trustees shall comply with any such notice.”,
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(d) substituting the following subsection for subsection (3):
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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,
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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 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, in the case of an actuarial funding certificate, that the scheme satisfies the funding standard, or, in the case of a funding standard reserve certificate, that the scheme satisfies the funding standard reserve, 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 or she is reasonably satisfied, in the case of an actuarial funding certificate that 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, and, in the case of a funding standard reserve certificate, that 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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then, subject to subsection (3A), in each case, the trustees of the scheme shall submit an actuarial funding certificate and, on or after 1 June 2012, a funding standard reserve certificate to the Board within 12 months of the last day of the period to which the annual report relates and such certificate or certificates shall have an effective date not earlier than the last day of the period to which the annual report relates,”,
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and
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(e) in subsection (4) by substituting “may extend the time limit within which an actuarial funding certificate or a funding standard reserve certificate shall be submitted to the Board under subsection (2), (2A), (3) or (3B)” for “may extend the time limit within which an actuarial funding certificate shall be submitted to the Board under subsection (2), (3) or (3B)”.
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