Regulation 2 Provision of actuarial valuation to determine scheme underfunding

England, Wales and Scotland

F1(1)

The trustees or managers of an eligible scheme shall provide the Board or the Regulator on the Board’s behalf with its first section 179 valuation—

(a)

in the case of an eligible scheme which is a registrable scheme prior to 6th April 2007—

(i)

within 15 months of the relevant time of that valuation; or

(ii)

by no later than 31st March 2008,

whichever is the earlier;

(b)

in the case of an eligible scheme which becomes a registrable scheme on or after 6th April 2007, within 15 months of the effective date of the first actuarial valuation obtained by them under section 224 of the Act (actuarial valuations and reports).

F2(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The relevant time of any subsequent section 179 valuation must not exceed a period of three years beginning immediately after the relevant time of the previous valuation provided to the Board or the Regulator on the Board's behalf.

(5)

Any subsequent section 179 valuation shall be provided to the Board or the Regulator on the Board's behalf within F415 months of the relevant time of that valuation.

Annotations

Textual amendments

F1: Reg. 2(1) substituted (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/782), regs. 1(1), 4(3)(a)
F2: Reg. 2(2) omitted (6.4.2007) by virtue of The Pension Protection Fund (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/782), regs. 1(1), 4(3)(b)
F3: Reg. 2(3) omitted (6.4.2007) by virtue of The Pension Protection Fund (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/782), regs. 1(1), 4(3)(b)
F4: Words in reg. 2(5) substituted (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/782), regs. 1(1), 4(3)(c)