The trustees or managers1 must obtain actuarial valuations2: (1) at intervals of not more than one year or, if they obtain actuarial reports3 for the intervening years, at intervals of not more than three years; and (2) in such circumstances and on such other occasions as may be prescribed4. The intervals referred to in head (1) are between effective dates of the valuations, and: (a) the effective date of the first actuarial valuation5 must be not more than one year after the establishment of the scheme; and (b) the effective date of any actuarial report6 must be not more
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