Commentary on Sections Scheme funding Section 225: Certification of technical provisions
811.Subsection (1) requires that the actuary must certify the calculation of the scheme’s technical provisions when carrying out an actuarial valuation.
812.Subsection (2) requires that the certificate must state whether, in the actuary’s opinion, the calculation of the technical provisions is made in accordance with regulations under section 222. The requirement for the calculation of the technical provisions to be certified reflects the provisions within the IORP Directive.
813.If, within the timescale allowed for the valuation to be completed, the actuary cannot certify that the calculation of the technical provisions meets those requirements, subsection (3) requires him to notify the Regulator within a reasonable period. The Regulator is required under section 91(2)(a) to issue a code of practice setting out what a reasonable period is in these circumstances. The Regulator is able to impose a penalty on an actuary who fails to make this report.