{
  "url": "https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987/regulation-8",
  "json_url": "https://openlegislation.uk/pension-scheme-surpluses-valuation-regulations-1987/regulation-8.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/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Valuation of insurance policies of a scheme",
  "text": "(1) Where the assets of a scheme comprise or include contracts of insurance of the kind described in paragraph (2) of this regulation that paragraph shall apply for the purposes of the valuation of those contracts.\n(2) (a) Pension fund management contracts: the requirements of regulation 7 shall be applicable;\n(b) Deposit administration contracts: the value of the contract shall be taken to be the value of the fund accumulated under the contract;\n(c) (i) Deferred annuity contracts (with profits): the value of the contract shall be ascertained by estimating future proceeds (assuming future bonus levels consistent with an annual rate of interest of 8.5 per cent.) and discounting them at 8.5 per cent. per annum,\n(ii) Cash accumulation contracts (with profits): paragraph (i) shall apply;\n(d) Non-profit contracts: the proceeds shall be discounted at 8.5 per cent. per annum.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/412/regulation/8",
    "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."
}