{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-113",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000/section-113.json",
  "legislation": "ukpga/2000/8",
  "legislation_title": "Financial Services and Markets Act 2000",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000",
  "path": "section/113",
  "kind": "section",
  "number": "113",
  "heading": "Appointment of actuary in relation to reduction of benefits.",
  "text": "(1) This section applies if an order has been made under section 111(1).\n(2) The court making the order may, on the application of either regulator, appoint an independent actuary—\n(a) to investigate the business transferred under the scheme; and\n(b) to report to the regulator which made the application on any reduction in the benefits payable under policies entered into by the transferor concerned that, in the opinion of the actuary, ought to be made.\n(3) An application under subsection (2) may be made by the PRA only if—\n(a) the transferor concerned or the transferee is a PRA-authorised person, or\n(b) the transferor concerned or the transferee has as a member of its immediate group a PRA-authorised person.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 113(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(2)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Pt. 7 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 113(3) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 6 para. 7(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 113 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/8/section/113",
    "retrieved_at": "2026-10-29T09:21:21.899993+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."
}