Section 39 — Trade Union and Labour Relations (Consolidation) Act 1992: Examination of proposals for new scheme.

Examination of proposals for new scheme. 39 1 A trade union shall not begin to maintain a members’ superannuation scheme unless, before the date on which the scheme begins to be maintained—

a the proposals for the scheme have been examined by an appropriately qualified actuary, and b a copy of a report made to the trade union by the actuary on the results of his examination of the proposals, signed by the actuary, has been sent to the Certification Officer.

2 The actuary’s report shall state—

a whether in his opinion the premium or contribution rates will be adequate, b whether the accounting or funding arrangements are suitable, and c whether in his opinion the fund for the payment of benefits will be adequate.

3 A copy of the actuary’s report shall, on the application of any of the union’s members, be supplied to him free of charge.