Regulation 6 Valuation of accrued pension rights

(1)

The Trustees shall cause an actuarial valuation to be prepared by the actuary of the Pension Scheme of the accrued pension rights of pensioners, members, dependants and other beneficiaries of each old scheme and the property and rights transferred under regulation 4 as at the coming into force of these Regulations, using actuarial assumptions identical to those adopted for the valuation of the Pension Scheme immediately preceding the valuation required by this regulation and, in respect of any old scheme having more than one relevant Board, showing separately the value of—

(a)

the accrued pension rights of that scheme for which each relevant Board is responsible; and

(b)

any property or rights apportioned in the ratio which the accrued pension rights for which each relevant Board is responsible bear to the aggregate accrued pension rights in respect of that scheme.

(2)

For the purpose of this regulation, “accrued pension rights” shall mean—

(a)

all rights in respect of pensions under the old scheme (relating, in the case of members in service whose pension rights are still accruing, to rights in respect of pensionable service up to the date these Regulations come into force but taking into account, where appropriate, assumed future salary increases);

(b)

all additional rights calculated by reference to the rights accruing under sub-paragraph (a) and arising from a customary or express obligation undertaken by the relevant Board, other than annual payments arising in connection with the termination of employment of any person due to reorganisation or redundancy (including any increase in such payments); and

(c)

all additional rights which would arise for the benefit of pensioners, members, dependants and other beneficiaries of the old scheme if that scheme had contained the obligations referred to in sub-paragraph (b) and a provision having the same effect as Rule 26 of the Pension Scheme,

whether payments in respect of such rights are being made or are prospectively or contingently payable and includes any lump sums payable on retirement or death.

(3)

The Trustees shall deliver to the relevant Board and the relevant person a copy of the valuation prepared for the purposes of paragraph (1) and a statement specifying the amount (if any) by which the value of the accrued pension rights and any other liabilities or obligations exceeds the value of the property and rights transferred under regulation 4.

(4)

Within 60 days of the delivery of the statement under the preceding paragraph the relevant Board shall pay to the Trustees the amount specified in the statement.