Regulation 7 Alternative valuation of assets and protected liabilities in specific casesI1

that the rights have not been transferred; and

that any assets transferred in respect of the transfer of those rights are assets of the scheme making the transfer and not of the receiving scheme.

the value of the liability secured where the contract of insurance falls within the definition of a relevant contract of insurance in Article 145(8) of the Order (effect of Board assuming responsibility for a scheme); or where this is not the case either –

the surrender value of the contract of insurance; or

where it appears to the appropriate person that the surrender value of the contract of insurance does not accurately reflect the actual value at the relevant time; then he shall adopt such a value as appears to him to be appropriate.

F3an Article 127 determination or an Article 127 valuation, where the appropriate person, in accordance with guidance issued by the Board in accordance with F4the statement issued by the Board under Article 127(5C) or Article 127(6) of the Order, holds the opinion that any Article 75 debt falling due to the eligible scheme will be recouped in the future then he shall treat the proportion of the Article 75 debt that he believes will be recovered as an asset of the scheme;

F5an Article 127 determination or an Article 127 valuation, where any Article 75 debt is recouped between the relevant time and the date F6the determination is made under Article 127(2)(a) of the Order or the date the valuation is approved under Article 128(2) of the Order (approval of valuation), then the amount so recouped –

F8an Article 127 determination or an Article 127 valuation, where an amount is due under a contribution notice, a financial support direction or a restoration order, and

the appropriate person shall adjust the value of the asset contained in the notice or direction to the value recouped by the trustees or managers of the eligible scheme during the pre-approval period.

F13an Article 127 valuation, if the appropriate person –

that the value of any asset set out in the relevant accounts, that is not excluded from the actuarial valuation, is substantially different at the relevant time from that set out in the relevant accounts, then he shall adjust the value of the asset to the market value of the asset at the relevant time; or

an Article 127 valuation, where the appropriate person –

in accordance with any Board guidance issued in accordance with Article 127(6) of the Order, that there exists an asset of the scheme which is not listed in the relevant accounts, and which is not excluded from the actuarial valuation, then he shall adopt such a value for the asset as he considers is appropriate.