(1) The actuary for an approved scheme must, in accordance with the prudential standards—
(a) exercise the functions of actuary for the scheme prescribed under the prudential standards; and
(b) prepare, and give to the trustees of the scheme, the reports (if any) required under the prudential standards to be prepared by the actuary.
(2) A report under subsection (1) (b) must deal with everything required under the prudential standards to be dealt with in the report.