Regulation 2A Article 127 determinationF1

(1)

This regulation applies where the Board is making an Article 127 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 Article 162 valuation or an appropriate alternative actuarial valuation;

(b)

by updating that information in accordance with the statement issued by the Board under Article 127(5C) of the Order; 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;
“the actuary” means—
1. (a)
  the actuary appointed under Article 47(1)(b) of the 1995 Order (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 (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 5(3)