Section 49 of the Principal Act is amended by -

(a) substituting the following subsection for subsection (1):

"(1) Where, in accordance with the provisions of section 43, the trustees of a scheme (other than a regulatory own funds scheme) -

(a) submit an actuarial funding certificate which certifies that at the effective date of the certificate the scheme does not satisfy the funding standard, or

(b) on or after 1 January 2016, submit a funding standard reserve certificate which certifies that at the effective date of the certificate the scheme does not satisfy the funding standard reserve,

they shall, subject to regulations under subsection (2A), submit to the Board a proposal (in this Part referred to as a 'funding proposal’) in accordance with the provisions of this section.",

(b) substituting the following subsection for subsection (2):

"(2) A funding proposal shall -

(a) contain a proposal designed to ensure that, in the opinion of the actuary -