Part 1: Collective Money Purchase Benefits Valuation and benefit adjustment Section 19: Advice of scheme actuary
This section requires collective money purchase scheme trustees to take the advice of the scheme actuary before deciding which methods or assumptions are to be used for the calculation of benefits. Subsection (2) allows regulations to prescribe requirements which the scheme actuary must comply with when advising trustees about this. Subsection (3) provides that the regulations may require the scheme actuary to take account of guidance issued by prescribed persons.
	Subsection (4) makes provision for financial penalties under section 10 of the Pensions Act 1995 (civil penalties) to apply in cases where trustees have failed to take all reasonable steps to obtain the advice of the scheme actuary as required under subsection (1).