Regulation 10 Certificate, valuation—other prescribed requirements

(1)

Subject to regulation 11, for the purposes of Paragraph 6(1) the prescribed period is six months after the date of signing of the valuation or certificate.

(2)

For the purposes of Paragraph 6(2)(a) the prescribed periods shall be—

(a)

6 months where Paragraph 6(3)(a) applies;

(b)

6 months where the proposals (to which Paragraph 6(2) refers) are to enhance the accrued benefits under the scheme and Paragraph 6(3)(d) or (e) applies;

(c)

5 years or such lesser period as may be agreed between the administrator and the Board where Paragraph 6(3)(b) or (c) applies;

(d)

in other cases whatever period is agreed between the administrator and the Board;

(e)

unless it is otherwise agreed the periods referred to above shall begin 30 days after the date on which the Board notify to the administrator in writing their approval of proposals made under Paragraph 6(1), or, where there is an appeal, the date of the final determination of the appeal.

(3)

In a case to which Paragraph 6(2)(b) applies, where the proposals for reducing or eliminating an excess include the provision for any payment to an employer, the proposals may not have the effect of reducing the assets of the scheme to an amount less than is equal to 5 per cent. in excess of the liabilities.

(4)

For the purposes of Paragraphs 5(3), 6(1), 6(2)(a), 8(3)(a) and 8(3)(b) “the prescribed maximum” is 5 per cent.