# The Electricity Supply Pension Scheme (Transfer Date Amendments) Regulations 1990, Paragraph 5 Clause 14 shall be deleted and the following clause shall be substituted therefor: “Valuation of the Scheme 14 (1) At the end of each period as the Co-ordinator shall from time to time determine, but not exceeding three years and six months from the date of the most recent valuation of the Fund, the Co-ordinator shall instruct the Actuary to prepare an actuarial valuation of the Fund and of the liabilities of the Scheme as a whole, in such form as shall enable the Group Assets and Group Liabilities in respect of each Group to be considered separately, and for such purpose to consult as he thinks fit with the Principal Employers. The Trustees shall use their best endeavours to provide promptly all information requested by the Actuary for the purpose of preparing the said valuation. The fees and expenses of the Actuary in connection with the preparation of such valuation shall be treated as expenses of administering the Scheme. (2) The Actuary shall deliver the said valuation to the Trustees, the Co-ordinator and each of the Principal Employers. The Trustees shall be entitled to give to the Co-ordinator and each Principal Employer any recommendations they may wish to make in regard thereto insofar as it relates to the Group Assets and Group Liabilities in respect of its Group. (3) Without prejudice to the foregoing provisions of this Clause, any Principal Employer shall be entitled at any time to instruct the Actuary to prepare a valuation as at the date specified in such instructions solely in relation to the Group Assets and Group Liabilities in respect of its Group, on such appropriate bases and assumptions as may be agreed between such Principal Employer and the Actuary, and for such purpose the Actuary shall consult with such Principal Employer. Upon delivery of the said valuation to such Principal Employer, the Actuary shall provide a copy to the Trustees and to the Co-ordinator. The Trustees shall be entitled to give to the Co-ordinator and the Principal Employer any recommendations they may wish to make in regard thereto. The fees and expenses of the Actuary in connection with the preparation of any such valuation shall be paid by such Principal Employer. (4) Where in any valuation prepared pursuant to paragraph (1) or (3) the Actuary certifies that a deficiency in respect of the Benefits (whether in payment or prospectively or contingently payable) accrued to the effective date of such valuation (making no allowance for projected increases in salaries) is disclosed as between the Group Assets and the Group Liabilities in respect of any Group, the Principal Employer of such Group shall, as soon as practicable and in any event within 6 months from the date of delivery of such valuation, make arrangements, certified by the Actuary as reasonable, providing for the payment by itself and its Participating Subsidiaries (if any) of additional contributions of an amount and within a timetable as shall make good such deficiency and it shall give notice of such arrangements to the Trustees and the Co-ordinator; Provided That if no such payment arrangements are made within the said period of 6 months the Co-ordinator, acting on the advice of the Actuary, shall give notice to the said Principal Employer (for itself and as agent for its Participating Subsidiaries) and to the Trustees of such payment arrangements as it may consider necessary to make good such deficiency. Save in the case of manifest error, the provisions of any such notice (whether given by the Principal Employer or by the Co-ordinator) shall be binding on the said Principal Employer and its Participating Subsidiaries unless and until such Principal Employer (for itself and its Participating Subsidiaries) shall thereafter implement alternative payment arrangements certified by the Actuary as reasonable and shall notify such alternative arrangements to the Trustees and the Co-ordinator. (5) Where in any valuation prepared pursuant to paragraph (1) or (3) the Actuary certifies that a surplus in respect of the Benefits (whether in payment or prospectively or contingently payable) accrued to the effective date of such valuation (making allowance for projected increases in salaries of Contributors in accordance with the relevant assumptions utilised in such valuation) is disclosed as between the Group Assets and the Group Liabilities in respect of any Group, the Principal Employer of such Group shall make arrangements, certified by the Actuary as reasonable, to deal with such surplus and shall give notice of such arrangements to the Trustees and the Co-ordinator; Provided That if no such arrangements are made as aforesaid and any tax exemption or relief in respect of the Scheme is lost in whole or in part pursuant to the provisions of Section 603 of and Schedule 22 to the Taxes Act 1988 then, subject to paragraph (6), the amount of any tax payable or not recoverable by the Scheme pursuant to such loss of tax exemption or relief shall be added to and treated as part of the Group Liabilities in respect of such Group. (6) In the event that any valuation prepared pursuant to paragraph (1) discloses a surplus as aforesaid in respect of more than one Group, the proviso to paragraph (5) shall apply to each such Group which shall not have made arrangements certified by the Actuary as reasonable as therein provided, and the amount of any tax so payable or not recoverable by the Scheme pursuant to such loss of tax exemption or relief shall be added to and treated as part of the Group Liabilities in respect of each such Group which shall not have made such arrangements, in such proportions as the Actuary shall certify as reasonable.” --- Source: https://www.legislation.gov.uk/uksi/1990/318/schedule/paragraph/5 (the official version) Page: https://openlegislation.uk/electricity-supply-pension-scheme-transfer-date-amendments-regulations-1990/schedule/paragraph-5 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.