10Actuarial investigations

10 Actuarial investigations

10 Actuarial investigations

(1) An investigation as to the state and sufficiency of the Fund shall be made as at the thirtieth day of June, one thousand nine hundred and seventy-two, and as at the expiration of each period of three years thereafter.

(2) Any such investigation shall be made by an actuary appointed by the trustees.

(2A) The actuary must complete the investigation, and report the result to the trustees, not later than 6 months after the date as at which the investigation is made.

(2B) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (2A) if the Minister considers that special circumstances exist to justify an extension or further extension.

(2C) The trustees must, not later than 3 months (or such other period as is approved by the Minister) after receiving a report under this section, forward the report to the Minister with such comments as the trustees think fit.

(3) The actuary must recommend to the trustees the amount that, in addition to any other money payable into the Fund, should, in the actuary’s opinion, be paid into the Fund in respect of each financial year during the period of 3 years following the completion of the investigation to enable the Fund to meet its liabilities.

(3A) In subsection (3), the reference to money payable into the Fund includes a reference to any interim advances—

(a) that were paid into the Fund before completion of the investigation, or

(b) that an actuary has recommended, under subsection (4), should be paid into the Fund.

(3B) The report referred to in subsection (2A) must—

(a) include a statement of the value of the assets of the Fund and its liabilities, and

(b) include a statement of any liability for benefit payments that are not expected to be covered by—

(i) the assets of the Fund, or

(ii) any future contributions to, or earnings of, the Fund, or

(iii) any guarantee by the Government or by any of its agencies, or