Commentary on Sections Scheme funding Section 224: Actuarial valuations and reports
803.This section requires the trustees or managers of a scheme to arrange for a written valuation of the assets and technical provisions of the scheme from the scheme actuary. Subsection (1) provides for such valuations to be undertaken annually, although valuations may take place every three years if the trustees arrange for actuarial reports for the intervening years.
804.Subsection (2) defines the various terms used in this Part:
	an actuarial valuation is a written report, valuing the scheme’s assets and calculating its technical provisions, prepared and signed by the scheme actuary;
	the effective date of an actuarial valuation is the date by reference to which the assets are valued and the technical provisions are calculated;
	an actuarial report is a written report, prepared and signed by the scheme actuary, on changes to the scheme’s technical provisions since the last actuarial valuation;
	the effective date of an actuarial report is the date to which the information in the report relates.
805.Subsection (3) cross-refers to subsection (1) and stipulates that the intervals of not more than one year referred to in subsection (1) are the intervals between the effective dates of successive actuarial valuations or reports.
806.Subsection (4) enables regulations to require the trustees or managers to ensure that a valuation or report is received by them from the scheme actuary within a prescribed period of its effective date.
807.Subsection (5) makes clear that the requirements of this section do not affect any power or duty of the trustees or managers to obtain valuation or reports more frequently, or on other occasions than those required by subsection (1).
808.Subsection (6) enables regulations to set out further requirements in relation to the actuarial valuation or report, such as its format and content.
809.Subsection (7) requires the trustees or managers to make the valuation or report available to the employer within seven days of its receipt.
810.Subsection (8) enables the Regulator to impose a civil penalty on trustees or managers who have not taken reasonable steps to comply with subsection (1), (4) or (7).