Regulation 8 Valuation of accrued pension rights
Subject to paragraph (2), the Trustees shall cause an actuarial valuation to be prepared by the actuary of the Pension Scheme of the accrued pension rights of or in respect of the by-analogy member of each old scheme and each relevant scheme and the property and rights (if any) transferred under regulation 6 as at the coming into force of these Regulations, using actuarial assumptions identical to those adopted for the valuation of the Pension Scheme on 31st March 1989 and, in respect of any old scheme having more than one relevant existing body, showing separately the value of—
the accrued pension rights of that scheme for which each relevant existing body is responsible; and
any property or rights apportioned in the ratio which the accrued pension rights for which each relevant existing body is responsible bear to the aggregate accrued pension rights in respect of that scheme.
Where the Trustees have received contributions or other payments in respect of a person to whom regulation 3(2)(c)(ii) applies and are satisfied that, having regard to the provisions of the Pension Scheme and the pension rights of that person, they already hold, in whole or in part, adequate funds, the provisions of paragraph (1) shall not apply, to the extent that they are so satisfied.
For the purpose of this regulation, “accrued pension rights” shall mean—
all pension rights under the old scheme or the relevant scheme (relating, in the case of a by-analogy member 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);
all additional rights calculated by reference to the rights under sub-paragraph (a) of this paragraph and arising from a customary or express obligation undertaken by the relevant existing body or Scottish 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
all additional rights which would arise for the benefit of or in respect of the by-analogy member of the old scheme or the relevant scheme if that scheme had contained the obligations referred to in sub-paragraph (b) of this paragraph 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.
Subject to paragraph (2), the Trustees shall deliver 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 (if any) transferred under regulation 6—
in respect of an old scheme, to the relevant existing body; and
in respect of a relevant scheme, to the trustees of that scheme.
Within 60 days of the delivery of the statement under paragraph (4) the relevant existing body or the trustees of the relevant scheme, as the case may be, shall pay to the Trustees the amount specified in the statement.