(1) In completing an actuarial funding certificate or funding standard reserve certificate, the actuary -

(a) in addition to complying with the other provisions of this Part, shall have regard to such financial or other assumptions as he considers to be appropriate on the effective date of the certificate,

(b) notwithstanding anything contained in the rules of a relevant scheme, may assume that the liabilities of the scheme on winding up could have been provided by applying all or part of the resources of the scheme in the making of -

(i) a payment to another scheme, or

(ii) one or more payments falling to be made under policies or contracts of assurance that are effected on behalf of the member with one or more undertakings (within the meaning of the Insurance Act, 1989) and that are approved of by the Revenue Commissioners under Chapter 1 of Part 30 of the Taxes Consolidation Act, 1997,