Regulation 3 Amendment of Schedule 1 to the Minimum Funding Requirement Regulations

In Part I of Schedule 1 to the Minimum Funding Requirement Regulations (minimum funding valuation statements – the actuary’s statement) for paragraph 6 substitute—

“6.

References to section 73(3)^f1 in paragraph 5 above and in paragraph 2 of the actuary’s statement as set out in Part II are references to that section as modified—

(a)

where that section has effect in relation to the scheme on the effective date; or

(b)

where sub-paragraph (a) does not apply in relation to a scheme, as if that scheme had commenced winding up on the effective date,

and the actuary may modify the description of liabilities in paragraph 2 of that statement accordingly.”.