Part 5: Further provision relating to pension schemes Scheme funding Schedule 10: Funding of defined benefit schemes Requirements in relation to actuarial valuations and reports
Paragraph 4 of Schedule 10 amends section 224 of the Pensions Act 2004. It inserts subsection (7A) to require trustees to send to the Regulator as soon as practicable, an actuarial valuation (full report) prepared for the purposes of Part 3 of the Pensions Act 2004, together with any other prescribed information. Other prescribed information may include the statement of funding principles, the statement of investment principles and, as noted, the statement of strategy.
	The amendment at sub-paragraph (3) provides that trustees who do not comply with the requirements under subsection (7A) can be subject to the section 10 of the Pensions Act 1995 civil penalty where they fail to take all reasonable steps to secure compliance.