# The Electricity Supply (Scientists) Superannuation Scheme (Winding Up) Regulations 1989, Regulation 6: Valuation of accrued pension rights


(1) The Trustees shall cause an actuarial valuation to be prepared within 60 days of the coming into force of these Regulations by the actuary of the Pension Scheme of the accrued pension rights of pensioners, members, dependants and other beneficiaries of the Scientists Scheme and the property and rights transferred under regulation 4 as at the coming into force of these Regulations, using –
(a) actuarial assumptions identical to those adopted for the valuation of the Pension Scheme on 31st March 1987; and
(b) such other assumptions based on good actuarial practice as may be necessary having regard to the nature of the property, rights, liabilities and obligations transferred under regulations 4 and 5.
(2) The valuation shall show separately the value of –
(a) the accrued pension rights for which each relevant Board is responsible; and
(b) any property or rights for which each relevant Board is responsible.
(3) For the purpose of this regulation, “accrued pension rights” shall mean –
(a) all rights in respect of pensions under the Scientists 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);
(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 and dependants of the Scientists Scheme if that scheme had contained the obligations referred to in sub-paragraph (b) above and a provision having the same effect as Rule 26 of the Pension Scheme but only as they may be applicable to pensions in payment and any rights contingent thereto;
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.
(4) The Trustees shall within 7 days of the receipt of the valuation prepared for the purposes of paragraph (1) deliver to each relevant Board and the relevant person a copy of such valuation and a statement specifying in respect of each relevant Board the amount (if any) by which the value of the accrued pension rights and any other liabilities or obligations for which that Board is responsible exceeds the value of the property and rights transferred under regulation 4 for which that Board is responsible.
(5) Within 14 days of the delivery of the statement under the preceding paragraph each relevant Board shall pay to the Trustees the amount specified in the statement.

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Source: https://www.legislation.gov.uk/uksi/1989/1370/regulation/6 (the official version)
Page: https://openlegislation.uk/electricity-supply-scientists-superannuation-scheme-winding-up-regulations-1989/regulation-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.