Cap. 450 Art. 33Schedule of payments for occupational defined benefit retirement schemes.

(1) This article applies to every defined benefit retirement scheme, which is an occupational scheme, other than one falling within such class or description as may be prescribed.

(2) The schedule of payments shall be prepared before the end of such period as may be prescribed reckoned from the date of the first actuarial valuation for the scheme, and shall thereafter be revised before the end of such period as may be prescribed reckoned from the date of the signing of each subsequent actuarial valuation.

(3) Where from time to time, such revisions are agreed by the prescribed or in the circumstances referred to in subarticle (4)(b) hereof, the schedule of payments may be revised.

(4) The matters contained in the schedule of payments as revised shall be:

(a) matters previously agreed between the retirement scheme administrator and the employer, and where applicable, any other contributor to the scheme, or

(b) where no such agreement has been reached:

(i) the rates of contributions determined by the retirement scheme administrator and the actuary of the scheme and certified by the actuary of the scheme, being such rates as in their opinion are adequate for the purpose of securing that the technical funding requirement will continue to be met throughout the prescribed period or where it appears to them that they are not then met, such as are adequate for them to be met by the end of that period; and

(ii) any other matters determined by the retirement scheme administrator and the actuary of the scheme.

(5) An agreement for the purposes of subarticle (4)(a) shall be made during such period as may be prescribed beginning with the signing of the last preceding actuarial valuation for the scheme.

(6) The actuary shall not certify the schedule of payments -

(i) where it appears to him that the technical funding requirement is met, unless he is of the opinion that the rates are adequate for the purpose of securing that the requirement will continue to be met throughout the prescribed period, and

(ii) in any other case unless he is of the opinion that the rates are adequate for the purpose of securing that the requirement will be met by the end of that period.

(7) The Authority may extend, or further extend the period referred to in subarticle (2), and where it refuses to extend, or further extend such period it shall give written notice of the refusal together with a statement of reasons for the decisions.