Pensions Act, 1990

Actuarial funding certificate.

42.—(1) The trustees of a relevant scheme shall, from time to time in accordance with section 43 , submit to the Board a certificate, in this Part and the Third Schedule referred to as “an actuarial funding certificate”.

(2) The trustees of a relevant scheme shall cause actuarial funding certificates to be prepared by an actuary who shall certify therein that as at the date, in this Part referred to as “the effective date”, on which the liabilities and resources of the scheme are calculated for the purposes of section 44 either—

(a) the scheme satisfies the funding standard provided for in section 44 , or

(b) the scheme does not satisfy the funding standard.

(3) In the case of a relevant scheme which commenced before the commencement of this Part, the first actuarial funding certificate submitted in accordance with section 43 shall also state the certified percentage in relation to the scheme.

(4) An actuarial funding certificate shall be in such form as may be prescribed.