Section 55 of the Principal Act is amended by -

(a) substituting the following subsection for subsection (3):

"(3) Where an actuarial funding certificate having an effective date after 1 January 2001 and, on or after 1 June 2012, a funding standard reserve certificate has been prepared under section 42 in relation to a scheme each annual report prepared under subsection (1) which relates to a period ending on a day which falls after the effective date of the actuarial funding certificate or funding standard reserve certificate shall, unless subsection (4) applies to it, include a statement by an actuary, in such form as may be prescribed, as to whether he or she is reasonably satisfied that, if he or she were to prepare under section 42 an actuarial funding certificate and, on or after 1 June 2012, a funding standard reserve certificate having an effective date of the last day of the period to which the annual report relates, he or she would certify -

(a) in the case of the actuarial funding certificate, that the scheme satisfies the funding standard provided for in section 44(1), and

(b) in the case of the funding standard reserve certificate, that the scheme satisfies the funding standard reserve provided for in section 44(2).",

(b) substituting the following subsection for subsection (4):