{
  "url": "https://openlegislation.uk/financial-assistance-scheme-regulations-2005/regulation-22",
  "json_url": "https://openlegislation.uk/financial-assistance-scheme-regulations-2005/regulation-22.json",
  "legislation": "uksi/2005/1986",
  "legislation_title": "The Financial Assistance Scheme Regulations 2005",
  "legislation_url": "https://openlegislation.uk/financial-assistance-scheme-regulations-2005",
  "path": "regulation/22",
  "kind": "regulation",
  "number": "22",
  "heading": "Scheme manager to obtain a valuation of assets and liabilities",
  "text": "(1) Where this Part applies, the scheme manager shall, when it considers it appropriate to do so, instruct the trustees or managers of a qualifying pension scheme to obtain for the scheme manager a valuation of the assets and liabilities of the pension scheme as at the calculation date.\n(2) Subject to paragraph (3), where the trustees or managers are instructed to obtain a valuation under paragraph (1), they shall obtain the valuation and it shall include a valuation of the asset share—\n(a) of, or in respect of, each qualifying member to whom this Part applies; and\n(b) of any other person who is not—\n(i) a qualifying member;\n(ii) a survivor of a qualifying member; or\n(iii) a surviving dependant of a qualifying member,\nto whom the scheme has a liability to provide a pension or other benefit which is not a money purchase benefit.\n(3) Where the scheme manager is of the opinion that it is not appropriate that a valuation in accordance with paragraph (2)(a) or (b) is obtained in relation to a particular person or category of persons, the valuation shall not include a valuation of that asset share, or, as the case may be, those asset shares.\n(4) Where the scheme manager is of the opinion that it is not appropriate to obtain a valuation of some or all of the liabilities of the pension scheme in relation to a particular person or category of persons, the valuation shall not include a valuation of those liabilities.\n(5) The valuations referred to in paragraphs (1) and (2) must be—\n(a) prepared and signed by a person (“the valuation actuary”)—\n(i) who is—\n(aa) a Fellow of the Faculty of Actuaries;\n(bb) a Fellow of the Institute of Actuaries; or\n(cc) a person approved by the Secretary of State; and\n(ii) approved by the scheme manager for the purposes of carrying out a valuation under paragraph (1);\n(b) prepared in accordance with guidance published from time to time by the Secretary of State;\n(c) presented in such manner and form as set out in guidance published from time to time by the scheme manager; and\n(d) given to the scheme manager upon completion, together with such information as set out in guidance published from time to time by the Secretary of State.\n(6) The scheme manager may direct the trustees or managers whom to appoint as valuation actuary.\n(7) When valuing the assets of the scheme, the valuation actuary shall disregard—\n(a) any assets representing the value of any rights in respect of money purchase benefits under the scheme rules;\n(b) any assets held by or vested in the trustees or managers of the scheme which are to be used prior to transfer of the scheme’s assets in accordance with section 161 (as modified by Schedule 1 to these Regulations) to discharge liabilities in respect of voluntary contributions;\n(c) any assets, the value of which is required to discharge the scheme’s pension liabilities to or in respect of a qualifying member to whom this Part does not apply;\n(d) any debt due, or treated as due, to the trustees or managers which, in the opinion of the scheme manager, is unlikely to be recovered without disproportionate cost or within a reasonable time;\n(e) an amount in respect of the value of any pre-6th April 1997 contract of insurance if—\n(i) the trustees or managers have taken all reasonable steps to obtain information concerning that contract of insurance (whether by searching the records of the scheme or otherwise); and\n(ii) the information that they provide concerning that contract of insurance is insufficient, in the opinion of the valuation actuary, to conduct a valuation;\n(f) any payments made to the trustees or managers of the qualifying pension scheme under regulation 14B (payments in relation to administration and other costs); and\n(g) any amount which is required to discharge expenses which have been, or will be reasonably incurred by the trustees or managers of the scheme.\n(8) In paragraph (7)(e), “pre-6th April 1997 contract of insurance” means a contract of insurance—\n(a) which is a relevant contract of insurance within the meaning given by section 161(8) or Article 145(8);\n(b) which was taken out before 6th April 1997; and\n(c) of which the trustees or managers are, or should reasonably be, aware.\n(9) Where the scheme manager is of the opinion that it is not appropriate for an asset to be disregarded under paragraph (7)(c), the valuation actuary shall not disregard it.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pts. 7, 8, 9 inserted (2.4.2010) by The Financial Assistance Scheme (Miscellaneous Amendments) Regulations 2010 (S.I. 2010/1149), regs. 1, 14, Sch. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/1986/regulation/22",
    "retrieved_at": "2026-10-29T04:55:48.068452+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}