Regulation 3 Obtaining of actuarial valuations of closed schemes

In this regulation—

• “the determination date” means the date immediately after—

  1. (a)

     the expiry of the period within which the issue of the determination notice may be reviewed by virtue of Chapter 6 of Part 2 of the Act (reviews, appeals and maladministration); or

  2. (b)

     if the issue of the notice is so reviewed—

     1. (i)

        the review and any reconsideration;

     2. (ii)

        any reference to the PPF Ombudsman in respect of the issue of the notice; and

     3. (iii)

        any appeal against his determination or directions,

     has been finally disposed of and the notice has not been revoked, varied or substituted;

• “the relevant period” is the period of three years beginning immediately after the relevant time of the F1Board’s determination under section 143(2)(a) or actuarial valuation of the scheme under section 143(2)(b) (Board's obligation to obtain valuation of assets and protected liabilities);

• “the relevant time” shall be construed in accordance with section 143(11)(c); and

• F2...

The effective date of the first section 156 valuation shall—

Any subsequent section 156 valuation shall have an effective date which is not more than three years after the effective date of the previous section 156 valuation.

The trustees or managers of a closed scheme shall obtain any section 156 valuation of the scheme within the period of 15 months after its effective date.