{
  "url": "https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987/regulation-7",
  "json_url": "https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987/regulation-7.json",
  "legislation": "uksi/1987/412",
  "legislation_title": "The Pension Scheme Surpluses (Valuation) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Valuation of assets",
  "text": "(1) For the purposes of a valuation of assets the following requirements shall be fulfilled—\n(a) future income of the scheme shall be discounted at a rate of 8.5 per cent. per annum;\n(b) scheme income from indexed-gilts shall be assumed to increase at the rate of 5.3 per cent. per annum;\n(c) income from variable interest investments (not being indexed-gilts) shall be assumed to increase at a rate of 3.5 per cent. per annum.\n(2) (a) Subject to sub-paragraph (b), instead of a valuation of the actual assets of a scheme the valuation may be made on the assumption that the scheme assets comprised an appropriate standardised portfolio of the market value of the actual assets at the effective valuation date, and\n(b) any change in the valuation methods to which sub-paragraph (a) refers and any change in the assumed composition of the said appropriate standardised portfolio from whatever was, in either case, assumed for the previous valuation, may be made where it is justified, and any such change shall be notified in writing to the Board at or before the time when the valuation is produced or the certificate is given under Paragraph 5.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "amended",
      "affecting": "uksi/1989/2290",
      "affecting_title": "The Pension Scheme Surpluses (Valuation) (Amendment) Regulations 1989"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/412/regulation/7",
    "retrieved_at": "2026-10-29T16:30:04.121054+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."
}