Regulation 2A Section 143 determinationsF1

(1)

This regulation applies where the Board is making a section 143 determination in respect of an eligible scheme.

(2)

The Board must determine the value of the assets and protected liabilities of that scheme—

(a)

by using the information contained in the most recent section 179 valuation or an appropriate alternative actuarial valuation;

(b)

by updating that information in accordance with the statement issued by the Board under section 143(5C) of the Act; and

(c)

in accordance with regulations 3(a) and (c), 4, 6(1)(a) and (2), and 7(1) to (4)(c).

(3)

In this regulation—

“an appropriate alternative actuarial valuation” means a written valuation of the scheme’s assets and liabilities prepared and signed by the actuary; and
“the actuary” means–
1. (a)
  the actuary appointed under section 47(1)(b) of the Pensions Act 1995 (professional advisers) in relation to the scheme, or
2. (b)
  a person who is a Fellow of the Institute and Faculty of Actuaries.

Annotations

F1: Reg. 2A inserted (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 5(3) (with reg. 9(1)(e)(2), 10)