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Amendment of section 56 of Principal Act.
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22.—Section 56 of the Principal Act is hereby amended by—
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(a) the substitution for subsection (1) of the following subsection:
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“(1) The trustees of a scheme shall—
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(a) cause the accounts of the scheme in respect of such periods as may be prescribed to be audited by the auditor of the scheme,
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(b) cause the resources and liabilities of the scheme to be valued by the actuary of the scheme at such times as may be prescribed, and
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(c) in respect of each such audit and valuation, cause to be prepared the documents to which this section applies.”,
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(b) the deletion in paragraph (a) of subsection (2) of “audited”,
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(c) the insertion in subsection (6) (b) before “Paragraph (c)” of “Paragraph (b) of subsection (1) and”,
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(d) the substitution for subparagraph (iii) of paragraph (a) of subsection (6) of the following subparagraph:
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“(iii) a scheme under which service in the relevant employment after the 1st day of January, 1997, does not entitle the members to long service benefit and, where any long service benefit is determined by reference to a member's earnings, such earnings in the case of all members relate to a date or a period before the 1st day of January, 1997.”,
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and
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(e) the substitution for subparagraph (iv) of paragraph (b) of subsection (6) of the following subparagraph:
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“(iv) a scheme under which service in the relevant employment after the 1st day of January, 1997, does not entitle the members to long service benefit and, where any long service benefit is determined by reference to a member's earnings, such earnings in the case of all members relate to a date or a period before the 1st day of January, 1997.”.
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