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Paragraph 3 C1F1

England, Wales and Scotland

The insufficiency conditions are that the last insufficiency report shows that at the effective date of the report—

(a)

the scheme had assets that were insufficient to cover the insufficiency report liabilities in respect of all the members; and

(b)

the assets were insufficient to cover in full any category of insufficiency report liabilities that is an equivalent category of liabilities for benefits in respect of which the member’s cash equivalent is being calculated.

Annotations

Textual amendments

F1

Schs. 1A-1B inserted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050) , reg. 1(1) , Sch. 1

Modifications

C1

Sch. 1A para. 3(b) modified by SI 2000/1053 reg. 16(2)(b) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 6(c))

Notes on Schedule 1A

Modifications

C1

Sch. 1A modified by SI 2000/1054 reg. 24(2)(c) (as substituted (E.W.S.) (1.10.2008) by Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008 (S.I. 2008/1050), reg. 1(1), Sch. 2 para. 7(c))