{
  "url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-2005/regulation-3",
  "json_url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-2005/regulation-3.json",
  "legislation": "nisr/2005/131",
  "legislation_title": "The Pension Protection Fund (Valuation) Regulations (Northern Ireland) 2005",
  "legislation_url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-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 an Article 127 determination or Article 127 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 an Article 162 valuation –\n(i) any amounts treated as a debt due to the trustees or managers under Article 75 of the 1995 Order (deficiencies in the assets);\n(ii) any amounts treated as debt under Article 207(3) of the Order (failure to make payments);\n(iii) any resources invested (or treated as invested) in contravention of Article 40 of the 1995 Order (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 an Article 127 determination, Article 127 valuation or Article 162 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": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 3(a) inserted (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 5(4)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Reg. 3(c) added (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/193), regs. 1, 3(4)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 3(c) inserted (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 5(4)(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 3 in operation at 6.4.2005, see reg. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2005/131/regulation/3",
    "retrieved_at": "2026-10-29T01:53:24.511649+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."
}