Commentary on Section 1
6.Subsection (1) deletes the existing definition of ‘actuary’ in section 3 of the Writers to the Signet Dependants’ Annuity Fund Order (which forms the Schedule to the 1982 Act) and replaces it with a new definition. This is a technical amendment which reflects the merger in 2011 of the Faculty of Actuaries in Scotland and the Institute of Actuaries.
7.Subsection (2) deletes section 10(2) of the same Order and replaces it with a new section 10(2). The requirement that the collector be a contributor to the Fund is removed and the new subsection provides that the collector shall be an individual (thereby excluding non-natural persons).