Supervisor initiated report

(1) The Supervisor may cause a report on a plan to be prepared where– (a) a report required under section 7(2) of the Act on the plan has not been filed within one year CAP. 30:01. Private Pensions 45 after the time required by these Regulations; or (b) the Supervisor is of the opinion that the preparation of a report in accordance with subregulation (2) is necessary to ensure that the plan is sufficiently funded to provide the benefits under the plan. (2) A report under subregulation (1) must contain the information required by section 7(2) of the Act or regulation 33, as applicable. CAP. 30:01. (3) A report under subregulation (1) must be prepared by an actuary chosen by the Supervisor and must be submitted by the actuary to the Supervisor. (4) If a report is submitted to the Supervisor under subregulation (3), the employer or, if another person or entity is required to make contributions on behalf of the employer, that person or entity and, if applicable, the members of the pension plan shall make payments in accordance with the report. (5) The report shall replace the initial valuation report or triennial report, as applicable. (6) The cost of the report shall be chargeable to the pension fund of the plan.