47. For the purposes of the first complete actuarial valuation of a pension plan undertaken after 30 December 2011, the second paragraph of section 15 is replaced by the following:
“If there is a balance of actuarial gains after the transfer provided for in the first paragraph and the balance exceeds the total of the value of the amortization payments that would remain to be paid in relation to the technical actuarial deficiency determined during a complete actuarial valuation undertaken after 30 December 2008 and of the value of the amortization payments that would remain to be paid in relation to a technical actuarial deficiency for which the monthly payments are eliminated pursuant to section 44, that surplus may be used to reduce, in the following order and after the said elimination, the amortization payments remaining to be paid in relation to
(1) any technical actuarial deficiency determined prior to 31 December 2008;
(2) any improvement unfunded actuarial deficiency.”.