s.10Actuarial valuation and contribution rates
10
Section 10Part 2 — Role of the Public Service Pensions Board

Actuarial valuation and contribution rates

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On the commencement of this Law, and at such other times thereafter as it deems appropriate, but in no event later than the three-year anniversary of the latest review, the Board shall cause a review to be carried out to assess and evaluate the assets and liabilities of the Fund in order —
to determine whether the Fund remains capable of meeting its long term liabilities at the rate or rates of contribution then in force;
if it is not so capable, to ascertain what rate or rates of contribution would be required to meet its long term liabilities; and
to determine the amount to be reflected on the balance sheet.
The review shall be carried out by the actuary using reasonable actuarial assumptions and methodology agreed upon by the actuary and the Board.
A report of the actuarial review carried out under subsection (1) shall be made to the Board and the Board shall send a copy of the report to the Financial Secretary and may, after considering the report, recommend changes to the contribution rates.
After receiving a report under subsection (3) the Financial Secretary shall submit the report to the Governor and the Governor, shall either —
accept the report and approve, by regulations, the changes to the contribution rates recommended by the Board; or
within ninety days of receiving the report, cause its own actuarial valuation to be carried out if it determines that there is good reason to do so.
Where an actuarial valuation carried out by the Governor under subsection (4) (b) corroborates the report submitted by the Board, the Governor shall, no later than six months after receiving the valuation, approve by regulations, the rates recommended by the Board under subsection (3).
The Financial Secretary shall, immediately after an actuarial report is accepted or corroborated, lay the report on the table of the Legislative Assembly for twenty- one days and shall cause such report to be gazetted; and the Financial Secretary shall not be required to lay any report which has not been so accepted or corroborated.

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