Section 35 builds on this process to secure the additional reserves required to implement Article 17 of the IORPS directive by inserting a new Part into the Pensions Act which provides for the application of the provisions of this new Part to regulatory own funds schemes and to regulatory own funds trust retirement annuity contracts, subject to certain exceptions that are provided for under Article 5 of the IORPS directive; the preparation and submission to the Pensions Board of technical provision certificates by regulatory own funds trust retirement annuity contracts; a requirement for relevant schemes and trusts to hold additional reserves; and the amount of regulatory own funds required.

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