{
  "url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-2005/regulation-6",
  "json_url": "https://openlegislation.uk/pension-protection-fund-valuation-regulations-northern-ireland-2005/regulation-6.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/6",
  "kind": "regulation",
  "number": "6",
  "heading": "Valuation of protected liabilities",
  "text": "(1) Subject to regulation 7, in the case of protected liabilities the value of a protected liability shall be –\n(a) for an Article 127 determination or Article 127 valuation, the estimated cost of securing scheme benefits calculated in accordance with Schedule 6 to the Order (pension compensation provisions) to the member by means of an annuity purchased at the best value rate available in the market as estimated by the Board at the relevant time;\n(b) for an Article 162 valuation, the estimated cost of securing scheme benefits in accordance with any guidance issued by the Board in accordance with Article 162(4) of the Order, for the member by means of an annuity purchased at the best value rate available in the market as estimated by the Board at the relevant time.\n(2) Where regulation 3(c) applies, the amount representing the value of a protected liability in respect of the benefits secured by a pre-6th April 1997 contract of insurance shall be excluded from the valuation of the eligible scheme’s protected liabilities.",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 6(1): reg. 6 renumbered as reg. 6(1) (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/193), regs. 1, 3(5)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 6(1)(a) inserted (23.7.2012) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2012 (S.R. 2012/270), regs. 1, 5(6)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 6(1)(a)(b) substituted (30.4.2013) by The Pension Protection Fund and Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2013 (S.R. 2013/95), regs. 1(2), 5(3)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Reg. 6(2) added (6.4.2007) by The Pension Protection Fund (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/193), regs. 1, 3(5)(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 6 in operation at 6.4.2005, see reg. 1(1)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "The term “protected liabilities” is defined in Article 115(1) of the Pensions (Northern Ireland) Order 2005"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/2005/131/regulation/6",
    "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."
}