Regulation 3 Excluded assets

any amounts treated as a debt due to the trustees or managers under section 75 of the Pensions Act 1995 (deficiencies in the assets);

any amounts treated as debt under section 228(3) of the Act (failure to make payments);

any resources invested (or treated as invested) in contravention of section 40 of the Pensions Act 1995 (restriction on employer-related investments); and

any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time.

the trustees or managers have taken all reasonable steps to obtain information concerning that contract of insurance (whether by searching the records of the scheme or otherwise); and

the information that they provide concerning that contract of insurance is insufficient, in the opinion of the appropriate person, to conduct a valuation.