Regulation 12 Self-administered schemes and insured schemes—special provisions
(1)
Where—
(a)
a self-administered scheme or an insured scheme does not fulfil the conditions of regulation 3, and
(b)
the administrator intends to make a payment to an employer out of funds which, if made, would be a payment to which Paragraph 1(1) applies,
unless such a scheme is being wound up and not replaced, Paragraph 5(2) shall apply for the purposes of a valuation of assets and liabilities.
(2)
Where a valuation to which paragraph (1) of this regulation refers shows that the value of the assets exceeds the value of the liabilities these Regulations and Paragraphs 7, 8(1) and (2) and 11 shall apply to the scheme.