42.— The following section is inserted after section 51 of the Principal Act:

“Review of actuarial work.

51A.— (1) The Minister may make regulations requiring any actuary appointed to a scheme to have his or her actuarial work in relation to the scheme reviewed for compliance with this Act and any regulations made under this Act.

(2) The review under subsection (1) shall be carried out in accordance with professional guidance issued by the Society of Actuaries in Ireland for that purpose or with any applicable guidance issued by any other person (including the Minister) and specified in the regulations.

(3) The professional guidance issued by the Society of Actuaries in Ireland or any other guidance referred to in subsection (2) shall include provisions relating to prescribed matters which matters may include but not necessarily be limited to the following:

(a) the appointment of a reviewing actuary;

(b) the frequency of reviews;

(c) the timescale for reviews.

(4) Any information relating to the scheme that is required for the purposes of the review in accordance with subsection (1) shall be made available by the actuary to the scheme to the person conducting the review.

(5) In this section ‘actuarial work’ means:

(a) actuarial valuation reports prepared by an actuary in accordance with section 56;

(b) actuarial funding certificates prepared by an actuary in accordance with section 42;

(c) funding proposals certified by an actuary in accordance with section 49, and

(d) annual statements made by an actuary in accordance with section 55.”.