Schedule 5: Removal of Secretary of State’s role in approving actuarial guidance
346.This Schedule amends provisions which require actuarial guidance to have been approved by the Secretary of State.
347.Paragraphs 1 and 2 amend sections 36C and 36F of the Bankruptcy (Scotland) Act 1985 and paragraphs 3 and 4 amend sections 342C and 342F of the Insolvency Act 1986 respectively to remove the requirement that guidance prepared by a prescribed person to calculate the value of a pension scheme is to have been approved by the Secretary of State.
348.Paragraphs 5 and 6 amend the PSA1993. Section 12A is amended to remove the requirement for the Secretary of State’s approval in the case of prescribed guidance to determine whether a pension scheme which has applied to contract out under section 9(2B) meets the statutory standard and section 113 is amended to remove the requirement for the Secretary of State’s approval in the case of prescribed guidance on the information to be given about schemes to members.
349.Paragraphs 7 and 8 amend the PA1995. Section 67D is amended to remove the power to make regulations to require prescribed guidance on calculating the actuarial value of an affected member’s subsisting rights to have been approved by the Secretary of State. Section 119 is amended to remove the power to make regulations to require the prescribed guidance on valuing a scheme’s assets and liabilities to have been so approved.
350.Paragraph 9 amends section 230 of the PA2004 to remove the power to make regulations to require the Secretary of State’s approval in the case of prescribed actuarial guidance.