{
  "url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-2005/regulation-3",
  "json_url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-2005/regulation-3.json",
  "legislation": "uksi/2005/672",
  "legislation_title": "The Pension Protection Fund (Valuation) Regulations 2005",
  "legislation_url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-2005",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Excluded assets",
  "text": "There shall be excluded from the value of the eligible scheme's assets—\n(a) in the case of a section 143 determination or section 143 valuation, 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; and\n(b) in the case of a section 179 valuation—\n(i) any amounts treated as a debt due to the trustees or managers under section 75 of the Pensions Act 1995 (deficiencies in the assets);\n(ii) any amounts treated as debt under section 228(3) of the Act (failure to make payments);\n(iii) any resources invested (or treated as invested) in contravention of section 40 of the Pensions Act 1995 (restriction on employer-related investments); and\n(iv) 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.\n(c) in the case of either a section 143 determination or section 143 or section 179 valuation, an amount in respect of the value of any pre-6th April 1997 contract of insurance if—\n(i) 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\n(ii) the information that they provide concerning that contract of insurance is insufficient, in the opinion of the appropriate person, to conduct a valuation.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 3(a) inserted (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 5(4) (with reg. 9(1)(e)(2), 10)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 3(c) added (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations 2007 (S.I. 2007/782), regs. 1(1), 4(4)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 3(c) inserted (24.1.2013) by The Pension Protection Fund (Miscellaneous Amendments) (No. 2) Regulations 2012 (S.I. 2012/3083), regs. 1(2)(b), 5(4) (with reg. 9(1)(e)(2), 10)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/672/regulation/3",
    "retrieved_at": "2026-10-29T05:04:15.629036+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}