# The Pension Scheme Surpluses (Valuation) Regulations 1987, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations are made by the Commissioners of Inland Revenue under the provisions of Part II of Schedule 12 to the Finance Act 1986 (“Schedule 12”). They prescribe the pension schemes to which those provisions are to apply and prescribe principles and requirements for valuation of pension scheme excess assets and for the reduction or elimination of such excess.
Regulation 1 provides for the title to and commencement of the Regulations.
Regulation 2 provides definitions.
Regulation 3 prescribes the schemes to which the provisions of Schedule 12 are to apply.
Regulations 4—8 prescribe principles and requirements (based on actuarial principles and practice) for valuation of assets and liabilities of a scheme.
Regulation 9 provides for periodic valuations and prescribes the qualifications for those making valuations.
Regulation 10 prescribes the requirements and, in particular, periods of time for the purposes of various actions to be taken under Schedule 12.
Regulation 11 makes provision for reduction or elimination of excess in special cases.
Regulation 12 makes provision for self-administered schemes and insured schemes.
Regulation 13 prescribes further periods of time for actions under Schedule 12.
Regulation 14 provides for appeals and suspends the operation of the provisions of Paragraph 8(3) and (4) until after appeals are determined.
Regulation 15 provides requirements for the administrator’s certificate under Paragraph 5 of Schedule 12 and for the prescribed form in the Schedule.
Note: the publications to which regulations 5(1) and 6(2) refer may be obtained from:—
Institute of Actuaries
Staple Inn Hall
High Holborn
London WC1B7QJ
Faculty of Actuaries
23 St Andrew’s Square
Edinburgh EH2 1AQ

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Source: https://www.legislation.gov.uk/uksi/1987/412/note (the official version)
Page: https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.