270. Recovery plan.

If having obtained an actuarial valuation1 it appears to the trustees or managers2 of a scheme that the statutory funding objective3 was not met on the effective date4 of the valuation, they must, within the prescribed5 time: (1) if there is no existing recovery plan in force, prepare a recovery plan; (2) if there is an existing recovery plan in force, review and if necessary revise it6. A recovery plan must set out: (a) the steps to be taken to meet the statutory funding objective; and (b) the period within which that is to be achieved7. A recovery plan